Making Tax Digital for VAT
Making Tax Digital (MTD) is making fundamental changes to the way the UK tax system works, including how businesses must store information and submit their tax returns to HMRC. It represents the biggest operational change to the UK’s tax system in the last couple of decades.
From 1 April 2019, most VAT-registered businesses with a turnover above the VAT threshold (£85,000) will be required to keep their VAT business records digitally and send VAT returns to HMRC using MTD-compatible software. Further changes will be made from 2020.
Businesses now need to take immediate steps to prepare for MTD, if they have not already done so.
Guidance notes on MTD for VAT prepared by Grant Thornton are now available to download.
Guidance notes on MTD for VAT
“Making Tax Digital (MTD) for VAT is compulsory for VAT registered businesses with a turnover of £85,000 or over with effect from their first VAT period commencing on or after 1 April 2019, unless they have received a direction from HMRC that this is deferred until 1 October 2019.
From that date, businesses must:
• Maintain certain VAT records in digital form
• Submit their VAT returns to HMRC via MTD-compatible software
Further changes apply from 2020.
| File | Type | Size | Date |
|---|---|---|---|
|
Making Tax Digital for VAT
Guidance Notes on Making Tax Digital for VAT |
384 KB | 5th March 2019 |
