Last July, the Financial Secretary to the Treasury & Paymaster General made the announcement that Making Tax Digital for VAT will come into play in April of 2019.
Here is what you need to know…
- From that date, businesses with a turnover above the current VAT threshold of £85,000 must keep their records digitally
- They must also provide their VAT returns to HMRC through the Making Tax Digital compatible software
- MTD will also be available on a voluntary basis to all other businesses for both Income Tax & VAT
A further finance bill on the 8th of September this year includes new legislation allowing the introduction of MTD for VAT. The Finance Bill 2017 allows commissioners of HMRC to enforce regulations that detail the requirements businesses will now have to meet. The document provides a detailed overview of the new proposed legislation.
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