In 2021 we’ve seen the introduction of IR35 requirements for medium and large-sized businesses, with many small contractors impacted too. The VAT domestic reverse charge affected those signed-up to the Construction Industry Scheme (CIS). The end of the digital linking “soft landing” period for Making Tax Digital for VAT occurred in April 2021 too, and continued the government’s relentless drive for the digitisation of accounting and taxes. So, what’s next?
This e-book discusses general tax related compliance changes, including Making Tax Digital for Income Tax (MTD for ITSA), and Making Tax Digital for Corporation Tax (MTD for CT) which is on the horizon at a date no sooner than 2026.
2022 brings with it a new tax around plastic packaging, while there’s changes for e-commerce security. Businesses signed-up to the Prompt Payment Code also have more stringent payment deadlines to adapt to soon. How you and your practice respond to all these changes can create growth. Change can be intimidating, but it brings with it opportunity for those willing to embrace it.
So, what are you waiting for? Now’s the time to act.