Making Tax Digital for VAT is open now and businesses are being mandated to use the service this year. Income Tax is also available now on a voluntary basis for the smallest businesses and landlords. See below for the Making Tax Digital Timetable
The Making Tax Digital Timetable
Date | Note |
April 2019 | Firstly, from 1 April 2019 all VAT-registered businesses with a taxable turnover above the VAT threshold are required to keep digital records.
Furthermore, those businesses will also need to send VAT returns digitally to HMRC. This must be done using MTD-compatible software (except those that have been deferred). |
October 2019 | From 1 October 2019, all VAT-registered businesses that have been deferred are required to keep digital records.
They will also be required to send VAT returns digitally. This will have to be done using MTD-compatible software. The deferral applies to a minority of businesses. They fall into one of the following categories:
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Currently over half of businesses with turnover above the VAT threshold use software for tax purposes. If you don’t I can help you with this. Read this post for some Important facts about Making Tax Digital.