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Further to the recent guidance issued by HMRC and the confirmation in the Budget that this is still expected to be mandatory from April 2019 we have put together some further information. Please click here if you would like to find out more about the details.
From April 2019, Making Tax Digital for VAT will be mandatory for over 1 million VAT registered businesses. HMRC has released a video that explains how Making Tax Digital for VAT will affect your business.
The video above explains that businesses that turnover £85,000 or more will be required to keep Digital VAT Records as well as submitting VAT Returns digitally. To do this, businesses will require VAT Software. However, anyone who is currently exempt from online filing will continue to be exempt when this comes in to force. HMRC have published an article to remind people about five different tax reliefs that can be claimed, but are easily overlooked. These are:
HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex requirements will be deferred from being subject to MTD for six months.
HMRC has published further information for what businesses need to do to get ready for Making Tax Digital for VAT.
Internet Link: Making Tax Digital: how VAT businesses and other VAT entities can get ready As a reminder, from April 2019 businesses with a taxable turnover above the VAT threshold, currently £85,000, will have to keep their records digitally for VAT purposes and submit their VAT returns to HMRC through Making Tax Digital (MTD) compatible software. This is part of HMRC’s vision to make the tax system more effective, more efficient and easier for taxpayers to get their tax right. If you have any queries regarding the changes, how these may affect you and how we can help, please contact us. With less than 100 days until the self assessment tax return deadline of 31 January 2019, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. The deadline for submitting 2017/18 self assessment tax returns online is 31 January 2019. An automatic penalty of £100 applies if the return is late.
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