Making Tax Digital for VAT begins on April 1st 2019. Sign up to our newsletter for monthly MTD updates or read on to learn what MTD is, when it's happening and what it will mean for you.
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"What is MTD and why is it happening?”
by Ian Fletcher & Nick Williams – 31s
VAT is changing. HMRC’s Making Tax Digital for VAT comes into effect from April 1st 2019 meaning many UK businesses must change how they prepare and file VAT returns. For those affected:
After reading this FREE guide for small businesses you'll be able to:
VAT (phase 1)
Who’s affected? VAT registered businesses with turnover above the VAT threshold (currently £85,000 excluding VAT).
At earliest April 2020
VAT (phase 2)
Who’s affected? The remaining VAT registered businesses – those voluntarily VAT registered with VAT-able turnover under £85,000.
At earliest April 2020+
Corporation tax & self-assessment
Who’s affected? Sole-traders, partnerships, landlords and trading companies. (The start date will be confirmed by the government following the successful roll out of Making Tax Digital for VAT.)
How? It's likely that: