The better the question. The better the answer. The better the world works. У вас есть вопрос? У нас есть ответ. Решая сложные задачи бизнеса, мы улучшаем мир. У вас є запитання? У нас є відповідь. Вирішуючи складні завдання бізнесу, ми змінюємо світ на краще. Meilleure la question, meilleure la réponse. Pour un monde meilleur. 問題越好。答案越好。商業世界越美好。 问题越好。答案越好。商业世界越美好。

HMRC’s Making Tax Digital initiative

Preparing for implementation

Overview

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

EY - Our guide to MTD

News

Training: Optimising Excel for MTD
London, 11 September | Reading, 24 September

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.

Contact us

EY - Fiona Campbell

Fiona Campbell
Go To Market and Knowledge Lead, Indirect Tax

EY - Chris Lewis

Chris Lewis
Associate Partner
Indirect Tax
 

EY - Adam Gray

Adam Gray
Associate Partner
Indirect Tax
 

EY - Chiu Ming Man

Chiu Ming Man
Associate Partner
Indirect Tax, Financial Services

EY - Adam Holden

Adam Holden
Media Relations
+44 (0)7917 000 028