Making tax digital – what you need to know

New research has revealed that two-fifths (41%) of plumbers are unaware of the impending Making Tax Digital (MTD) rules due to come into force in April 2023.

It’s a long way off, but you should start planning now.

Making Tax Digital (MTD) is a key part of the Government’s plans to make it easier for individuals and businesses to file accurate returns and keep on top of their tax affairs. MTD is making fundamental changes to the way the tax system works – transforming tax administration so that it is more effective, more efficient, and easier for taxpayers to get their tax right.

Since April 2021, all VAT-registered businesses with a taxable turnover above £85,000 have been required to submit their VAT returns electronically via MTD-compatible software. Moving forward, all VAT-registered businesses (of any size) will be required to follow MTD rules for their first return starting on or after April 2022.

MTD will also apply to Sole Traders and Landlords with an annual income exceeding £10,000 starting from 6 April 2023.

Advice for APHC Members  

We will provide further details on the process and legal considerations once further information and guidance is available.

As an APHC member, you have access to a dedicated advice line for any further queries on taxation or wider legal matters. Call 0844 561 8133 and quote the APHC member number to speak with a specialist.

If you have a question or require specific advice regarding the above, please contact us on 0121 711 5030 or via email at members@aphc.co.uk.

 

 

 

 

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