Making Tax Digital July 2018

Making Tax Digital July 2018

What we know so far:

From April 2019 businesses above the VAT threshold will be mandated to keep their records digitally and provide quarterly updates to HMRC for their VAT. 

https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

This is not only the digital record keeping that all our systems are able to comply with, but the fully automated submission of VAT.

Delay requested by chamber of commerce.

https://www.accountingweb.co.uk/tax/hmrc-policy/british-chambers-of-commerce-calls-for-mtd-delay

Your position: Who does your current submission?

If it’s your accountant makes your VAT submission:

Nothing very much should change, they should be able to continue to handle as they do now, you may be asked to produce digital reports but check with your accountant on what they require.

blcompweb

Comments are closed.