MTD for VAT id now Mandatory from 1/4/2019
Making Tax Digital (MTD) for VAT is mandatory from the start of the first VAT accounting period which begins on or after 1 April 2019 for most businesses with VATable turnover over the VAT registration threshold of £85,000.
Under MTD for VAT businesses are required to keep digital records and to send their VAT returns to HMRC using MTD-compatible software. It will no longer be possible to submit returns using HMRC’s free VAT return service. Your adviser can file your VAT returns on your behalf.
It is important that businesses are ready for MTD for VAT and that they have appropriate systems in place by the MTD start date.
Speak to BFMS about what MTD for VAT means for your business and what you need to do in order to comply.