Support

The Biggest change to self-assessment since 1997!

From April 2023, MTD (Making Tax Digital) for Businesses will affect all individuals who file a self-assessment return with a turnover of more than £10k (almost everyone that files self-assessment returns.)

This will represent a massive shakeup to how self-assessment returns are filed and will end the annual self-assessment return, replacing it with Quarterly returns based on Digital records.

The aim is to reduce errors and improve record-keeping by focusing on and enforcing submissions based on real-time digital records.

During the SEISS and Furlough scheme, as so many errors and pitfalls were uncovered, HMRC, for the first time, made a clear distinction in writing between seeking advice from accountants and qualified accountants that are members of a UK recognised professional body.

Proposals are being put forward to ensure the tax advice market is regulated to adhere to a minimum professional standard.

Doing so will ensure the paying customer (you, the taxpayer) receives proper, correct advice that can be relied upon.

At the same time, the proposal will help reduce errors or professional negligence in the industry, which we so welcome.

Preparations are underway here to make sure we are ready for this change, and MTDfb is something we welcome.

We will now increase our partnership and promotion with QuickBooks digital tax software, and this will now become a vital requirement to remaining HMRC compliant as of April 2023.

Our advice to you is, it’s time to start preparing for this change now. 

A basic minimum step we recommend is to separate your business/personal banking and open an account solely for your business if you have not already done so.