Get ready for Making Tax Digital with Rhino
Making Tax Digital (MTD) is an HMRC initiative designed to help businesses and individuals correctly calculate their tax through a system that is more efficient, effective and simpler to use.
All VAT-registered businesses will need to report digital VAT records to HMRC through compatible software from 1 April 2022, regardless of turnover. If you are registered for VAT and your annual taxable turnover is above £85,000, you should already be using MTD compatible software.
In April 2024, MTD for Income Tax and Self Assessments will come into force, affecting all self-employed individuals with a turnover of over £10,000. There’s no need to wait - you can start preparing for the new rules today and streamline your processes.