Although MTD for VAT will apply to all businesses who are VAT registered from their first VAT period starting on or after 1 April 2022, it is possible to voluntarily opt into the MTD for VAT regime now. HMRC’s systems may be strained as we approach the deadline. You could avoid the rush.
7 September 2021
You will fall within MTD if your income from property and/ or self-employment totals £10,000 or more. The turnover threshold is calculated per person for property income, but per business for self-employed income. If you are a sole trader you must aggregate your self-employment income with your property income to check if you exceed the
Every week we take a look at what is trending in the accountancy and tax press and share items that we think will interest you. However, these are only outlines and where they relate to tax should not be acted upon without looking into the them more completely as everyone’s circumstances are particular to them.
About 6 years ago we were members of a very effective mastermind group. Basically, it was about a dozen firms of accountants from all over the UK who got together every quarter to critique each other’s business results. It worked for us because the nearest firm to us was in Glasgow and so we were