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Making Tax Digital (MTD) is quickly approaching. The system, which is designed to make tax more efficient has seen many timeline changes and will affect all businesses in the UK once fully implemented.
The next big milestone on the journey to a digital tax system comes in April 2019. From this date, businesses with a taxable turnover of above £85,000 will need to keep VAT records digitally and file their returns using software that’s compatible with MTD; this will impact around 1 million businesses in the UK.
On the 16th October 2018, HMRC launched a private pilot, inviting around 500,000 businesses to try the new online VAT service.
Find out more about the pilot scheme, the latest updates to MTD in regards to VAT and how you can ensure you are prepared if your business will be required to fulfil MTD obligations from April 2019.