Patricia Grant Bcom CA
Stephen Grant Bcom CA
Marita Scott BA(Hons) CA
Under MTD taxpayers will need to maintain digital records and provide HMRC with digital reports. The new rules will apply for VAT purposes only from April 2019.
From that date VAT registered businesses whose turnover is over the VAT registration threshold (£85,000) will need to maintain digital records, calculate the return using “functional compatible software” and submit it to HMRC via an application programme interface| The clock is ticking and VAT registered businesses need to start preparing. Speak to us about your options so that we can ensure you are ready well in advance of the critical date.