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15 Nov 2023

The British Independent Retailers Association (BIRA), which works with over 6,000 independent businesses of all sizes across the UK, has outlined its expectations from the government...

16 Aug 2023

Independent quality drinks retailers were woefully underrepresented among those consulted by government over the duty changes now hitting businesses, it has been claimed, after industry magazine...

8 Jun 2023

Bira, the British Independent Retailers Association, has expressed its concern and frustration after it was revealed that Amazon UK Services had, for the second consecutive year, paid zero...

16 Mar 2023

Industry experts and trade associations in the retail sector have been expressing their disappointment at the support offered to retailers in the Chancellor’s Budget.

17 Nov 2022

Cycle retailers around the UK facing up to the imminent challenges of recession will need to stay one step ahead of the curve to survive. Now is the time to benefit from being part of something...

26 Sep 2022

Following the Chancellor’s mini-budget last week, the retail industry has been reacting to the support package for small businesses and independent shops….including some of the...

19 May 2022

Our research found agreement that a minimum OST threshold could help to rebalance the burden of tax across the industry, generate revenue to reduce business rates for smaller businesses,...

6 Apr 2022

Businesses are required to have signed up to Making Tax Digital ready for their first VAT return starting on or after 1 April 2022. However, they may not be required to make their first...

17 Jan 2022

Thereis now less than three months until all VAT-registered retailers are required to submit quarterly VAT updates and annual returns via the government's Making Tax Digital (MTD) system....

27 Oct 2021

The Budget and SR21 promised much for both the cycling industry and for retailers, but will it be enough to help recover the damage done from the pandemic and help sustain the cycling...

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Get Prepared for Making Tax Digital for VAT

Posted on in Business News , Cycles News , Creative News

There is now less than three months until all VAT-registered retailers are required to submit quarterly VAT updates and annual returns via the government's Making Tax Digital (MTD) system.

MTD is designed to help businesses eliminate common reporting errors and save time spent managing tax affairs. Most retailers will already be using MTD following trial phases and requirements based on business turnover from 2019.

MTD for Income-Tax Self Assessment will be introduced in April 2024 with MTD for Corporation Tax expected from 2026 at the earliest. HMRC guidance on MTD for VAT and finding compatible software is available here.

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