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UK HMRC Publishes Guidance for VAT Businesses on Preparing for Upcoming Digital Record-Keeping Requirements

24 September 2018

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Approved Changes

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United Kingdom

On 17 September 2018, UK HMRC published Making Tax Digital: how VAT businesses and other VAT entities can get ready. --- If you run a VAT-registered business with a taxable turnover above the VAT registration threshold (currently 85,000) you are required to keep digital VAT business records and send returns using Making Tax Digital (MTD)-compatible software for VAT periods starting on or after 1 April 2019. Businesses with a taxable turnover below the VAT threshold can also sign up for MTD for VAT voluntarily. This also applies to other VAT entities, such as charities, government bodies and limited companies. The...