Are you VAT registered? – latest MTD announcement
20th July 2017
The recent announcement that HMRC have delayed the implementation of Making Tax Digital (MTD) for income tax until at least April 2020 has been met with relief by many taxpayers and accountants.
It has however drawn attention to the fact that one particular group’s MTD journey has remained firmly fixed at April 2019. Those businesses, including both companies and the unincorporated, who are VAT registered (generally those with a turnover exceeding £85,000) will still be required to keep digital records and make their quarterly VAT returns through MTD.
As far as we are aware HMRC’s current online portal will still be closed with effect from April 2019, and so taxpayers will need to ensure that not only are they keeping their records in a digital format but that their software is capable of making the necessary submission directly.
Disclaimer - All information in this post was correct at time of writing.
