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Making Tax Digital has arrived…
29 March 2019
From today, the government’s major making Tax Digital programme becomes law for over one million VAT registered businesses earning over £85,000
The new rules, first unveiled in 2015, means most businesses above the VAT threshold will need to keep their records digitally and submit their VAT return using MTD-compatible software for VAT periods starting on or after 1 April.
Just 100,000 businesses have signed up to the new service, with over 4,000 opting for the ‘every day’ experience!
HMRC has said that during the first year of VAT mandation it will take a light-touch approach to penalties by not issuing filing or record keeping penalties where businesses are doing their best to comply with MTD.
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