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Making Tax Digital - what you need to know
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WHAT YOU NEED TO KNOW MAKING TAX DIGITAL
THE KEY FACTS WHAT TO EXPECT
WHAT IS MTD? The requirement to keep digital financial records and file VAT returns via ‘functional compatible software’. VAT return submissions via the existing HMRC portal will no longer be possible. After a 12 month soft landing period, HMRC will also require digital links throughout the VAT audit trail. WHEN DOES IT TAKE EFFECT? For the majority of affected organisations, MTD comes into effect for VAT on 1 April 2019. For some organisations, including VAT group registrations, Payment On Account businesses, unincorporated charities, public bodies and local authorities, overseas businesses and annual accounting scheme users, MTD compliance does not take effect until October 2019. The implementation of other taxes will be phased in from April 2020 at the earliest. WHO DOES IT AFFECT? Any organisation with taxable turnover above the VAT threshold of £85,000. Are you required to implement MTD on 1 April 2019, or have you been deferred to October 2019? Has HMRC sent you a letter to confirm your start date? WHAT HAPPENS TO ORGANISATIONSWHO
HMRC believes Making Tax Digital will improve the tax return system and customer experience in four areas:
3 1 X X Transparency X X Tailored service X X No >Page 1 Page 2 Page 3 Page 4
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