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.