Making Tax Digital
We’re helping businesses of all sizes at every stage of readiness comply with, and prepare for, HMRC’s Making Tax Digital initiative.
Preparing for MTD
Businesses registered for VAT and with turnover over £85,000 will have to comply with the new Making Tax Digital (MTD) requirements in relation to their VAT compliance function.MTD came into effect for the majority of organisations on 1 April 2019.Deferred organisations will need to be compliant by 1 October 2019. These include VAT groups, those with a VAT division, NHS Trusts, local authorities, overseas traders and those required to make payments on account.
MTD has three primary requirements:
- Digital record keeping and storage.
- Digital links between records. NB There will be a 12 month 'soft-landing period' in relation to the digital journey requirements.
- Digital submission of returns to HRMC using HMRC approved software.
Digital submission of returns to HMRC using HMRC approved software.We’re helping businesses of all sizes at every stage of readiness comply with, and prepare for, MTD. How could we help you? Explore our comprehensive guide to MTD, including the key questions our clients are asking, or contact us.
Our guide to MTD
Video: Making Tax Digital (MTD)
Video: What will the six month deferral mean in practice?
Raconteur: The global switch to digital tax has begun
26 September 2018