Making Tax Digital – Update 2

Making Tax Digital for VAT comes into effect on 1st April 2019. HMRC has confirmed companies will be able to use a ‘cut and paste’ approach, instead of digital links, during the one-year soft landing. This is likely to last until at least April 2020. #MTD #VAT

Making Tax Digital – Update 1

Making Tax Digital will start in April ‘19. Businesses above the VAT threshold must provide VAT information to HMRC digitally. HMRC are currently running a private pilot for volunteer #VAT businesses and later this year launching a public pilot.

HMRC have already began inviting self-employed individuals and agents to join the Making Tax Digital (MTD) pilot for income tax. The aim being that taxpayers will see an estimate of how much tax they owe rather than waiting until the normal due dates. However MTD for taxes other than VAT will begin ‘not before’ April 2020. Is your business prepared for the upcoming changes?