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 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 the team.
Countdown to 1 October 2019
Our guide to MTD
Training: Optimising Excel for MTD | London, 26 April
Our course will:
- Consider the pros and cons of using Excel to become MTD compliant, and explore how it can be used effectively
- Cover examples of the types of checks and controls which can be implemented based on a best practice workbook
- Explore in-depth the key crunch points for an MTD compliant spreadsheet.
To register, and for more information, follow this link.
Go To Market and Knowledge Lead, Indirect Tax
Chiu Ming Man
Indirect Tax, Financial Services
+44 (0)7917 000 028