Those of us old enough will remember that Arthur Daley’s favourite drink was a VAT (Vodka & Tonic). Unfortunately, unlike Making Tax Digital for VAT, Arthur Daley’s favourite tipple will not be compulsory from 2019 (for those above the VAT threshold).
- The first quarter affected by the new regulations is that which begins on or after 1 April 2019.
- Per draft regulations issued so far there will be a requirement for VAT records to be maintained using what HMRC define as “functional compatible software”. They will also specify which records must be maintained in electronic form.
- Multiple software programs (e.g. spreadsheets) can be used to submit VAT returns but these must be digitally linked.
- HMRC have proposed a 12 month soft-landing period with no record keeping penalties being imposed.
Do speak to your Barnes Roffe contact should you need any further information regarding this.
Blog written by: Nigel KalbTalk to Barnes Roffe today