We’ve published several news items related to the Making Tax Digital (MTD) initiative in the last few years. This has now become quite well established and since April 2019, VAT-registered businesses with a turnover above the VAT threshold must keep VAT records digitally and send returns using Making Tax Digital compatible software.
It is important to note that from April 2022, these requirements will apply to all VAT-registered businesses, including those with a turnover below the VAT threshold.
HMRC are helpfully providing a seminar that gives an overview of Making Tax Digital, including digital record keeping, compatible software, how to sign up and submitting VAT returns directly from the business. It’s taking place on Friday 19th November between 1:45pm and 2:45pm. You can register via the link below.
If you are unsure about the MTD process and how it may affect your business, you can also view short videos on HMRC’s YouTube channel. These include:
If we can be of any assistance in managing your transition to MTD software, please get in touch with a member of the team.