Making Tax Digital
The government’s Making Tax Digital (MTD) initiative has progressed more slowly than originally planned, but it is moving forward, and will continue regardless of Brexit. The first area where MTD will impose new obligations is VAT.
Except for a small minority, since April 2019, VAT registered businesses with an annual turnover above the VAT threshold (£85,000) have been required by law to use MTD to meet their VAT obligations. This involves setting up a digital tax account and filing quarterly returns online, using an accounting system or app that is integrated with the new digital gateway that HMRC is building. HMRC will also want online access to transaction details and VAT calculations.
This MTD hub will provide you with updates, insights and will answer the most commonly asked questions.
If you would like any further information about Making Tax Digital, please get in touch with one of the team members below or use our enquiry form.