White Collar Consultants Limited

So much more than tax

01952 780 220

accounts@wcc-ltd.co.uk

HMRC released new legislative proposals for MTD on VAT in 2019

19/09/2017

On 13th July 2017, it was announced that Making Tax Digital for VAT will come into effect from April 2019.

What does this mean?

Businesses with a turnover above the VAT threshold (currently £85,000) will have to:

  • keep their records digitally (for VAT purposes only), and
  • provide their VAT return information to HMRC through Making Tax Digital (MTD) functional compatible software

It was also confirmed that MTD will be available on a voluntary basis to other businesses, for both VAT and Income Tax.

Finance Bill 2017 published on 8 September 2017 includes legislation allowing the introduction of Making Tax Digital for VAT. This primary legislation will give the commissioners of HMRC the powers to introduce regulations, which will set out the detailed requirements that businesses will have to meet. The aim of this document is to provide an overview of the proposed legislation.

It is strongly advised that you read: Finance Bill & Finance Bill explanatory notes.

Share this: