Despite there being a lot of confusion surrounding making tax digital, it’s not as scary as it sounds…Everything you need to know about Making Tax Digital for VAT
So, what is Making Tax Digital?
Are there exemptions for MTD for VAT? There are very few exemptions for MTD for VAT. If you think any of the following exemptions apply to your business, HMRC advise you to contact the VAT Helpline on 0300 200 3700. You will not have to follow the Making Tax Digital...
The first thing you need to do is to find out if MTD applies to you…So, let’s get started. Does MTD apply to you ? MTD for VAT is compulsory for VAT-registered businesses with turnover above the current VAT registration threshold of £85,000, which has been...
Making Tax Digital (MTD) means you won’t be able to keep and submit manual records after April 2019. Instead, HMRC will only accept VAT returns sent using software that supports Making Tax Digital for VAT. What is ‘compatible software’? Compatible software...
What is Making Tax Digital? Making Tax Digital (MTD) is an HMRC initiative that requires VAT-registered businesses above the £85k threshold to keep digital records and submit VAT returns using compatible software. If that’s your business, you’ll need to be compliant...
