The lockdown period created many new and unfamiliar challenges for all of us. Few businesses, if any, have been left unscathed during the past few months. There are still many unknowns ahead, but as lockdown restrictions continue to ease in some areas and schools begin to reopen, businesses too are preparing for the ‘new normal’.
Small businesses have been rightly focussed on survival and recovery, but there are a number of policy and broader business updates on the horizon. To help you plan for these, we’ve created a list of things to consider.
Making Tax Digital for VAT
It’s been nearly three years since the very first digital tax pilot from HMRC, commonly known as Making Tax Digital (MTD). Initially, HMRC required UK businesses above the VAT threshold to process their returns digitally. It has now been announced that businesses below the VAT threshold must also be compliant with MTD,