Since April 2019, HMRC have required VAT registered businesses with a turnover of £85,000 or more to comply with Making Tax Digital (MTD). This means that these businesses are required to keep digital records of their income and expenditure and will need to submit their VAT returns to HMRC through software which is MTD compliant.
However, it doesn’t stop there. From 2023, self-employed individuals with an income of over £10,000 will also be required to comply with MTD, using dedicated software to report their income and expenditure on a quarterly basis to HMRC.
For someone who has been doing their own VAT or tax returns, this may seem a little daunting. Fortunately, Bracey’s are in the best position to get you MTD compliant, whether that be for VAT or for self-assessment well ahead of the 2023 deadline. We can help get you set up on MTD compliant software so that you can make the transition easier.
What our clients say
« Bracey’s have provided us with a whole host of advice – personal tax, PAYE, R&D claims, Corporation Tax, payroll & pensions. As with a lot of businesses, we have randomly been selected for a VAT enquiry from HMRC. This can be quite a daunting occasion for a small business but the team from Bracey’s attended our offices to offer HMRC any information they needed and they conducted themselves in a capable, unfazed manner «
« Bracey’s have dealt with a number of areas as part of my tax return including foreign exchange income, online sales, buy to let income, VAT registration, advice regarding companies house and everything else in between. Nothing has been too much trouble or too complicated. «
« Bracey’s have been instrumental in streamlining my invoicing procedure, they are speedy with their responses, friendly and always extremely patient; which if you knew me, is really needed! Braceys have provided me with accounts/tax/invoicing and all the usual; but on top of this, advice on a whole manner of situations that arise in my business. «