From April 2019 all VAT registered businesses with a taxable turnover above the VAT threshold of £85,000 will be required to: Maintain their accounting records digitally in a software package or on a spreadsheet. Paper records will no longer meet the legal requirements in tax legislation. Submit their VAT returns to HMRC using MTD compatible…
Tag Archives: MTD
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Making Tax Digital: MTD for VAT
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Making Tax Digital – Latest Update from HMRC
Ministers have announced the next steps for the Finance Bill 2017, under which three million of the smallest businesses and landlords will be able to move to the new digital system for keeping tax records at a pace that is right for them. As we have informed you before, Making Tax Digital will help bring…
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Making Tax Digital or MTD
You may have heard or seen stories relating to some major changes that have been proposed by the government and H M Revenue and Customs. So what is MTD? It is a bold and innovative initiative to bring the UK tax system up to date for the new digital age, or so ‘they’ say. They…
