HMRC’s Making Tax Digital programme has been subject to several changes, however, the timetable for VAT is still on course and is applicable from 2019.
The first implementation of MTD is applicable to any VAT registered business with turnover over the VAT registration threshold of £85,000.
This means that from 1 April 2019 any applicable businesses must comply with the new Making Tax Digital legislation.
HMRC’s current online VAT portal will no longer be available to you and a third party commercial software will need to be used to submit your VAT returns.
If you currently use third party commercial software we advise that you check with them that they will be ready for Making Tax Digital on 1 April 2019 and that you will be able to submit your VAT returns directly through the software.
If your current record keeping will not be suitable for Making Tax Digital, i.e. you keep manual records or spreadsheets then please contact us to discuss the options and solutions available to you. There are various software solutions which you may wish to use or alternatively you may prefer RNS to maintain your digital records and submit your VAT returns for you.
Please do speak to us as soon as possible if you have any questions regarding Making Tax Digital.