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HMRC is phasing in its Making Tax Digital regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.
The new rules take effect from 1 April 2019 where a taxpayer has a 'prescribed accounting period' which begins on that date, or otherwise from the first day of a taxpayer's first prescribed accounting period beginning after 1 April 2019. For some VAT-registered businesses with more complex requirements, the rules will not take effect until 1 October 2019. Included in the deferred start date category are VAT divisions, VAT groups and businesses using the annual accounting scheme.
In the Spring Statement the Chancellor confirmed that the focus will be on supporting businesses to transition and the government will therefore not be mandating MTD for any new taxes or businesses in 2020.
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Keep up to date on the latest from the world of business and tax with our daily news stories.
18 Apr 2024
Business price pressures persist despite the UK's inflation rate falling to its lowest level since September 2021.
17 Apr 2024
The UK's annual inflation rate fell in March for a second consecutive month, dropping to 3.2%, according to the latest figures from the Office for National Statistics (ONS).
16 Apr 2024
The British Chambers of Commerce (BCC) has warned that UK small firms are 'treading water' on investment.
15 Apr 2024
The Federation of Small Businesses (FSB) has urged the government to ensure that small business growth is 'nurtured rather than left to wither'.