As I am sure most of
you are aware there have now been delays announced to Making Tax Digital. The first wave will commence in April 2019
which will affect VAT registrated clients and clients filing VAT Returns.
All businesses with a
turnover above the VAT threshold (£85,000) from April 2019 will have to:
their records digitally for VAT purposes only and provide their nine box VAT
Return via the Making Tax Digital portal with HM Revenue & Customs.
businesses who are VAT registered but below the threshold of £85,000 will not
be required to file their Returns electronically this way but the perceived
advice would be that they should move in this direction, as sooner or later I believe
it becomes mandatory.
will also affect Charities who may feel they are exempt but the advice coming
from HM Revenue & Customs is that they would have to follow the same format
as other registered businesses unless of course they are below the VAT
threshold of £85K, which is unlikely.
registration of other businesses to Making Tax Digital will obviously follow
but not until 2020.