When is the Making Tax Digital deadline?

When is the Making Tax Digital deadline?

Tax / January 28, 2022

With digital tax changes on the horizon, our team has created this short blog post to explain what the Making Tax Digital deadline is and how you can prepare for it.

What is the deadline for Making Tax Digital?

VAT-registered businesses with a taxable turnover above the VAT threshold of £85,000 have been required to follow the Making Tax Digital rules since 1 April 2019. So far, Making Tax Digital hasn't been compulsory for businesses below the VAT threshold, although they could join the scheme voluntarily if they wanted to. However, this is all set to change, with VAT-registered businesses with a taxable turnover below £85,000 now being required to follow Making Tax Digital rules from April 2022.

What about Making Tax Digital for income tax?

Landlords or self-employed businesses with an annual business or property income above £10,000 will have to follow the rules from 6 April 2024.

What about Making Tax Digital for corporation tax?

At the moment, the government has only published a consultation on the future design of Making Tax Digital for corporation tax and is not expected to mandate its usage before 2026.

How to prepare for the digital tax deadline

If you're not ready for the transition, there are several things you can do, including:

Hire an accountant

Accountants such as ourselves – who are specialists in all things tax – can help you make the necessary preparations. For example, we can actually sign up to Making Tax Digital on your behalf, eliminating any concerns you may have about starting this process, whilst also freeing up time that you can reinvest into your business.

Purchase accountancy software

The Making Tax Digital scheme requires all businesses to keep digital records and use relevant software to submit their VAT returns, so having this software up and running before the deadline will ensure a smooth transition. Compatible software includes Xero, QuickBooks and Sage Business Cloud Accounting, plus others. If you're not sure which one best suits your business, speak to an accountant. For more information about the Making Tax Digital scheme, contact Taxcare Accountancy today.

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This price plan is suitable for the start-up companies who are not VAT registered.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Payroll & RTI submission for 1 employee
  • Personal tax return [salary & dividends income only] (Free)*
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  • Reference letters for Director only (Free)*
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  • 1 Director
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  • Annual turnover should be less than 80K
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This price plan is suitable for the companies who are VAT registered and turnover is less than 100K with a couple of employees.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 2 employees
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • MTD VAT returns submissions – quarterly
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 100K
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£ 150  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered; turnovers are more than 100K and have 2 directors and shareholders.

  • Company formation (if required)
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 5 employees (Free)
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Unlimited face to face advice and email support
  • 2 Directors
  • 2 Shareholders
  • Annual turnover should be less than 200K
Company Premium
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This bespoke price plan is suitable for the companies who are VAT registered, with more directors, shareholders and employees. Also, annual turnover is more than 200k and requires further bespoke services.

  • Company formation
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission all employees
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for the all Directors (Free)*
  • Unlimited face to face advice and email support
  • Flexible and can be discussed
  • Annual turnover should be more than 200K

Add on Services

  1. Personal Tax Returns

    This price plan is suitable for self-employed individuals, landlords and those who need to submit Self-Assessment Tax Returns.

    If you need to submit the Self-Assessment Tax Return, we can offer you competitive prices starting from £150 + VAT. Price can vary according to your nature of income. Please contact us for more details.

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