Making Tax Digital VAT Notice Now Available

For VAT periods which start on or after 1st April 2019 you’ll be required to use HMRC’s Making Tax Digital for VAT (MTDfV).

The legislation was published in early 2018, but details about how it will work in practice were not available. However, now HMRC has explained the change by publishing a new VAT Notice 700/22.

The Notice confirms that MTDfV will apply for all businesses where their turnover exceeded the registration limit, which is set to remain at £85,000, in the previous twelve months.

This means that even where your business is VAT registered and has turnover below the registration limit, you won’t need to file your returns through MTDfV.

Tip. As MTDfV is only a little over six months away, if you think that it will apply to you we recommend that you read HMRC’s new Notice sooner rather than later.

Just to summarize, HMRC has a new notice about Making Tax Digital for VAT which will apply to all businesses with a turnover of £85,000 or more from 1st April 2019.
All business with turnover around this mark should read the notice without delay.

For more information, we provide a Business Consultation to ensure our clients benefits from tax planning and accounting matters.

For any assistance contact Companies999, we will be happy to help you!

VAT Registration: Everything You Need to Know

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