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
|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.|
|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:
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.