A delay to tax reforms which would have seen sole traders and small businesses obliged to keep digital records and report income quarterly to HMRC has been welcomed by financial experts.
Accounting for VAT has changed since we left the EU and things are still yet to change more. Are you up to date on everything?
Making Tax Digital (MTD) originally came into force from April 2019 in a bid to transform tax administration. There are now extensions to MTD being introduced which may affect those that are not currently required to follow the MTD rules.