UK HMRC has issued a release announcing that the Making Tax Digital (MTD) program became law on 1 April 2019. Under the program, VAT registered businesses with taxable turnover above the VAT registration threshold (currently GBP 85,000) are required to keep digital records and submit VAT Returns to HMRC using functional compatible software for VAT periods beginning on or after 1 April. HMRC notes in the release that it knows that businesses will require time to become familiar with the new requirements. As such, during the first year, HMRC will take a light touch approach to penalties by not issuing...