Getting your business ready for “Making Tax Digital”
When HMRC announced the new scheme to bring the tax system into the 21st century in 2015, their plans were ambitious. HMRC wanted to implement the new system between 2018 and 2020. Industry experts raised concerns, however, and HMRC have now proposed a revised timetable for “Making Tax Digital”.
What it means for businesses to be VAT registered
As a business, you have to be VAT registered in order to charge VAT on your products and services. An annual turnover of £85,000 means you must register.