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 now need to follow Making Tax Digital rules and use compatible software for VAT returns starting on or after April 2022, regardless of taxable turnover. If your taxable turnover is above £85,000, you should already be keeping digital records and complying with MTD.
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.