How Does Making Tax Digital Affect You?

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.