NEWS
March 1, 2018
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 Kalb
PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in this document.
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PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these documents.
