Making Tax Digital is coming for everyone get started today

Digital Tax Making

12 February 2022

Obviously we mean Making Tax Digital (MTD)

It’s been the word on the street that its coming for a long time but it really is the case now as all VAT registered businesses must sign up, whatever they earn.

If you are VAT registered, you must sign up for Making Tax Digital from the 1^st April 2022 in order to file in the new digital way. That’s just over 6 weeks away!

The idea behind MTD is for businesses to keep digital records and to file their VAT returns using an MTD compatible software like QuickBooks. The whole new digital process should therefore make it simpler and quicker to file returns, which in turn will give the tax payer more confidence in what they are submitting is correct. Although it becomes mandatory from the 1^st April it would be more beneficial to take the leap and get started with MTD today.

The Government has advised from 1^st April 2022 or the beginning of that VAT period you must keep digital records and submit VAT returns through MTD or you may be charged a penalty.

Support on how to sign up to MTD can be found on the Government website here or we at Books and Business can assist you by signing up on your behalf to ensure you are MTD compliant. Not only can we set you up we can provide ongoing training for QuickBooks MTD compliant software. In the long run this will save you valuable time to focus on your business.

According to the HMRC guidelines you must sign up at least 5 days after your last non-MTD VAT return deadline and no less than 7 days before your first MTD VAT return deadline or you may pay twice!

Get in touch with us today to see how we can get you sorted for the looming MTD VAT deadlines.

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Homebuyers in Stamp Duty Sprint Before April Hike

by PH186232 • 20 February 2025

With the 1st April deadline looming, its reported that 550,000 homebuyers are racing to complete purchases before stamp duty jumps back to its 2022 levels. We have read that sales awaiting completion are up 25% from last year, with an average five-month wait putting pressure on buyers to beat the deadline. Currently, first-time buyers pay no stamp duty on homes up to £425,000 when purchasing a property worth up to £625,000, but from 1 st April, that drops to £300,000. The upper limit will also fall from £625,000 to £500,000. It's not just the first-time buyers taking a hit, currently stamp duty is only owed on amounts over £250,000, however from 1 st April, only the first £125,000 will be exempt. Despite the cost increase, it looks like most buyers are still pressing ahead, with some even renegotiating offers to offset the hike. According to our research, regardless of the impending cost increases, property experts such as Rightmove are predicting the demand to stay strong; especially if interest rates continue to fall. With mortgage rates already dipping below 4%, we believe buyers remain hopeful for a more affordable market ahead.