An April Tax Deadline you may not know about!
From April 2022, all VAT-registered businesses will need to comply with this HMRC system!
HMRC is introducing Making Tax Digital gradually. Making Tax Digital for VAT started from 1 April 2019, affecting VAT-registered businesses with a taxable turnover above the VAT threshold of £85,000.
Next all VAT-registered businesses will need to comply with Making Tax Digital for VAT from April 2022.
And from April 2024, Self Assessment taxpayers will need to comply with Making Tax Digital for income tax. This was originally scheduled for April 2023, however the government made the decision to push this back by a year to allow businesses more time to prepare after the challenges of the pandemic.
1 April 2022
This is the last day you're able to set up a Time to Pay arrangement if you're not able to pay the tax you owe for 2020-21 in one go.
If you don't pay off your tax bill, or set up a Time to Pay arrangement by the end of the day, then you'll be in line to receive a penalty charge of 5% of the tax you owe - in addition to the interest that's accrued since 1 February.
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