We tackle three questions accountants may have around MTD for VAT

▤ Summary

Over the past few years, accountants and bookkeepers have become de facto gurus for UK small businesses, offering vital support through one unforeseen catastrophe (a global pandemic), to the next (supply chain issues, Brexit fallout, any number of others). Now, UK small businesses face an additional set of government-mandated regulations that will see them once again turn to their advisors for support. This time, it’s the next wave of Making Tax Digital (MTD), with business owners who charge VAT with a taxable turnover under £85k having to comply from April 2022. Hundreds of thousands of affected businesses will have to maintain financial records digitally and file VAT returns through approved software. If you’re acting on the behalf of a client that you have not copied across, they’ll need to sign up to MTD – which is relatively straightforward, but may also place an additional administrative burden on them.

▦ Linked Companies

Xero

$1B+