VAT Making Tax Digital requirements – Update
Be prepared – So says the Boy Scouts motto – but according to a recent report commissioned by HMRC most small businesses are completely unprepared for changes to the VAT system that are to be introduced from April 2019. According to the report 70% are not even aware of the proposals. The original plan was to introduce the requirements in April 2018 but this was put back by one year.
As a reminder, for all businesses above the VAT turnover threshold of £85,000 per annum (at the last count an estimated 1.6 million companies, 2.4 million self-employed people and 900,000 residential landlords) from 1 April 2019, digital VAT records will be required to be maintained and quarterly VAT returns to be submitted online.
Blog written by: Nigel KalbTalk to Barnes Roffe today