Aug 17, 2022
Updated: Aug 22, 2022
Start complying with the new Making Tax Digital (MTD) rules today.
The Making Tax Digital rules require that you:
- keep and maintain your records digitally;
- send your returns to HMRC via MTD-compatible software.
Only specific software meets the Making Tax Digital requirements. Double check you have MTD compatible software before signing up to MTD.
Under MTD rules, you won't be able to submit your VAT return via the HMRC website. Instead, you’ll need compatible software with an MTD for VAT feature and submit your return from the platform.
What records do businesses need to keep digitally?
đź—„The records you need to keep for your VAT return have not changed. What has changed is where and how these records are stored.
For every item, you’ll need to record:
- The time of supply;
- The value of supply;
- The tax rate.
Contact us for more information.
London: 020 7060 1811