MTD for VAT is now the law
Our Making Tax Digital VAT guide
let us help your business navigate MTD
Making Tax Digital VAT Guide:
MTD for VAT – now required for VAT return periods
beginning on or after 1 April 2019
HMRC is phasing in its landmark Making Tax Digital (MTD) regime in April 2019.
This will ultimately require taxpayers to move to a fully digital tax system.
In 2017, HMRC announced the postponement of MTD for income tax until ‘2020 at the earliest’.
MTD for VAT will be implemented in April 2019. The regulations were laid before parliament on 28 February 2018.
Under the regulations, businesses with taxable turnover above the VAT threshold (currently £85,000)
must keep digital records for VAT purposes and provide their VAT return information to HMRC using ‘functional compatible software’.
Compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019.
FIND OUT MORE: Download our Making Tax Digital VAT guide to help your business navigate MTD requirements safely.
If you have any queries about the information provided, large or small, please feel free to contact the team.