MTD for business – Overview
- Businesses and organisations (which includes those with income from property) are required to maintain digital accounting records. Maintaining paper records ceases to meet the requirements of the tax legislation.
- Businesses and organisations are required to use a functional compatible software product to submit updates and returns to HMRC. The software uses HMRC’s API (Application Program Interfaces) platform to submit information to HMRC. The current HMRC online tax return services for the relevant tax are withdrawn when a business signs up to MTD.
MTD for VAT
Software for MTD
Latest news & updates
From the 2023/24 tax year, the self-assessment (SA) threshold for individuals who are taxed solely through PAYE will increase to £150k.View more
UK corporation tax increase from 19% to 25% from April 2023, affecting companies with profits of £250,000 and over.View more
End of Paper SA Returns: HMRC Contacting Paper Filers to inform them that they will need to phone HMRC to receive paper forms.View more
Spring Budget includes significant pension reforms, increasing the annual allowance to £60,000 and abolishing the pension LTA.View more