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Countdown to MTD
KEY POINTS
- MTD for VAT applies to VAT-registered businesses with taxable turnover above £85 000.
- Businesses will have to identify when they need to register for MTD. HMRC will not tell them.
- Spreadsheet users will have to ensure the bridging software is in place to create a digital link with the VAT return.
- Records can be manual but they must be digital when the return is submitted.
- Record keeping requirements are not changing just the format in which they are kept.
Making Tax Digital for VAT is only months away and it is safe to assume after HMRC’s announcement last week about a limited postponement of the starting date for some complex businesses that for most taxpayers it will go ahead as planned. There is still a lot...
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