The key message is that Making Tax Digital is going to be implemented for sole traders and Landlords by April 2024 so if you haven’t already done so you need to be preparing to find software that you can get on with by that date. Therefore for a relatively pain free MTD journey we do advise starting with the software by April 2023.
The sales turnover threshold at which a business would ordinarily be required to register for VAT in the UK has been £85,000 since 1st April 2018, only now changing to £90,000 from 1st April 2024.
With different rules for Limited Companies and sole traders, flat rates for simplified accounting, cash accounting, accruals accounting and restrictions on property businesses depending on the type it’s not surprising that business owners get confused about what counts for an expense and what doesn’t in their particular business.
The Fishbourne Accountant is a brand name of The Fishbourne Accountant Ltd, a company registered in England and Wales.
Company no11697791
Registered office address
11 Barker Close Fishbourne West Sussex PO18 8BJ
Insured by Hiscox
Policy No. PL PSC1002349995/00
1 Great St Helens
London
EC3A 6HX
UK
0800 280 0351 9:00am – 5:30 pm Monday to Friday
claims@hiscox.co.uk
Territorial Coverage: worldwide excluding USA and Canada
Monica Jervis is licensed and regulated by AAT, licence number 6697.
