Get Prepared for Making Tax Digital for VAT
Posted on in Business News , Cycles News , Creative News
There
is now less than three months until all VAT-registered retailers are required to submit quarterly VAT updates and annual returns via the government's Making Tax Digital (MTD) system.
MTD is designed to help businesses eliminate common reporting errors and save time spent managing tax affairs. Most retailers will already be using MTD following trial phases and requirements based on business turnover from 2019.
MTD for Income-Tax Self Assessment will be introduced in April 2024 with MTD for Corporation Tax expected from 2026 at the earliest. HMRC guidance on MTD for VAT and finding compatible software is available here.