Published: 06/02/2019 By Drupen Patel
What is happening?Making tax Digital for VAT. This represents a major change in procedures for many VAT registered businesses
When?
MTD takes effect for VAT periods beginning on or after 1 April 2019 for most VAT registered businesses
Who?
A business that is voluntarily registered does not need to join MTD, i.e. those registrations with annual taxable sales of less than £85,000
How?
Voluntary registrations will continue to use the Government Gateway but businesses involved with MTD will have to submit their returns through HMRC’s API (Application Programming Interface) platform
What now?
It is important to be clear about what is required after April 2019 and which businesses will be included and excluded from the regulations.
It’s key to understand which records need to be kept in a digital format and also the figures to record, e.g. what figures must be digitally recorded from sales and purchase invoices
If you require assistance in getting MTD ready we can help - call us on 020 8661 7878 or email bsg@turpinba.co.uk