From April ’19, HMRC are changing the way businesses are required to manage their VAT.
You may have already received a letter from HMRC or seen the ads, but you will be legally required to submit your VAT returns electronically through Making Tax Digital (MTD) compliant software.
Paper records will no longer be sufficient: It will become mandatory for almost all businesses and organisations (self-employed, partnerships, limited companies and others) to use accounting software to keep accounting records. Paper accounting records will cease to meet the requirements of tax law.
If you are VAT registered, Making Tax Digital affects you and you’ll naturally have questions. Download our handy Making Tax Digital FAQ’s guide below…