Clifton-Crick Sharp & Co.

Clifton-Crick Sharp & Co. is a firm of Chartered Accountants based in Pershore

Services

Bring us your business ideas and we'll help you to evaluate them in a constructive and realistic manner.

Contact Us

If you need to find out something quickly, we are only a phone call away.

Contact Details

Address:

Tel:
Email:
Company No:

Contact Us

Making Tax Digital: A Guide

By 1^st of April 2022, all VAT-registered businesses must sign up to Making Tax Digital. This is the first step in HMRC’s plan to digitise the UK’s taxation system.

This month’s blog at Clifton-Crick Sharp & Co offers a guide to Making Tax Digital. For more information, call us in Worcester on .

What is Making Tax Digital?

Also known as MTD, Making Tax Digital was first introduced in April 2019 for VAT registered businesses trading above the VAT registration threshold of £85,000. Now, businesses with a turnover of under £85,000 must also comply from April 2022.

Making Tax Digital for Income Tax will follow, for landlords and self-employed businesses with an annual income (not profits) of over £10,000 with effect from April 2024. The overall aim of Making Tax Digital is to reduce errors in tax returns and go paperless.

What are the Advantages?

There are several advantages to MTD. Firstly, it means you can monitor your business’ outcomes and expensive whenever you like. There is also no need to hoard paperwork such as invoices and receipts.

Furthermore, errors are less likely to occur as data is uploaded throughout the year rather than every quarter. Making mistakes and missing deadlines can lead to costly mistakes. With digital software, your business will benefit.

Another advantage to MTD is that you can view real-time financial updates. This means you can make informed decisions throughout the year knowing you have the finances. The software also comes with additional financial tools.

Register Before the Deadline

Switching over to digital tax doesn’t have to be difficult. To sign up to Making Tax Digital, You can register your business online via the Government Gateway. If you don’t already have a login, you will need to create a new account. Additionally, Clifton-Crick Sharp & Co can assist you with creating and managing your account.

Once your business has signed up, you must keep digital VAT records and use Making Tax Digital-compatible software to complete the following:

Updating your VAT records
Generating new VAT returns
Submitting new VAT returns to HMRC online

Contact Us Today

For more information about meeting the Making Tax Digital deadline, contact Clifton-Crick Sharp & Co. Call us in Worcester on . Alternatively, you can make an enquiry via our online contact form.

Visit our Facebook page for the latest news and updates.

Follow us to get the latest updates.

Business

Most people who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through.

They may not be experts in the legal, financial, and fiscal aspects of running a business.

Services

Indeed, these matters can often seem daunting to the budding entrepreneur.

The good news is that you do not need to be an expert in these fields to succeed in business. All you need is the support of a team of experts. That's where we fit in. Bring us your business ideas and we'll help you to evaluate them in a constructive and realistic manner.

Payroll

Administering your payroll can be time consuming and burdensome, diverting energy and resources from the core activities of your business.

The task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance. We have dedicated staff who can relieve you of this burden by providing a comprehensive and confidential payroll service.