This website has been commissioned by Michael Harwood & Co Chartered Accountants to help our clients and their business contacts to understand more about Making Tax Digital (also known as MTD) and how it may impact them and their businesses.
The first stage of HMRC’s MTD roll-out is centred on VAT and creates new requirements
from April 2019. HMRC is the source of truth about Making Tax Digital and links to further details, as published by them, can found on our links page.
Please note:
this site in no way represents an official government site or is intended to be perceived as one.
So what is MTD for VAT all about?
Well there are three main components to MTD for VAT, being
Digital Records
This means the transactions will need to be stored digitally.
Digital Submission
Submission of VAT returns must be made digitally via HMRC’s new Making Tax Digital API system as opposed to the current system whereby you can manually enter the 9 VAT boxes on to the portal, as a separate process to generating the VAT figures.
Digital Links
VAT Returns must have digital links to the digital records (i.e. the source digital records).
Please refer to our FAQs page to view more detail about the new requirements.
This website has been written in general terms and we would always recommend that you obtain professional advice before acting or refraining from