If you’re already VAT registered, you’ll know that Making Tax Digital has changed the way we submit VAT returns, increasing the frequency of returns throughout the year and ensuring returns and records are submitted digitally.
For many businesses, these changes came into effect from April 2019. From April 2022, it will apply to all VAT registered businesses with turnover below the VAT threshold. It will apply to taxpayers who file self-assessment tax returns for income over £10,000 annually from April 2023. If you want to talk to us about Making Tax Digital, get in touch.
Is becoming VAT registered right for you?
Your business must become VAT registered once you reach the VAT threshold, but you may be wondering if you should become VAT registered before this point. With multiple VAT schemes and not to mention exemptions, you may be finding the world of VAT difficult to navigate.
We can advise you on becoming VAT registered, the best use of the schemes for your business set up and analyse your accounts to see how we can improve your VAT position and ensure you’re claiming as much VAT as possible.