HMRC’s new Making Tax Digital (MTD) initiative is being introduced in phases over the next few years, beginning with VAT. From 1 April 2019, many businesses will be required to keep their VAT records digitally, and transmit their VAT return information to HMRC using MTD compatible software.
But will your business need to comply with MTD for VAT? And if it is, what do you need to do to prepare for it?
We have created this short online assessment to help you determine how you are likely to be affected by MTD. Whilst care has been taken to ensure the accuracy of this assessment, the responses provided are a general guide. Users should seek specialist advice to confirm their obligations in relation to MTD and to satisfy themselves that they comply with all of its features.
If you have any questions about MTD, please get in touch with Tim Williamson on firstname.lastname@example.org or +44 (0)20 7516 2376.
We have also produced a ‘Tax Insight’ guide that includes a list of frequently asked questions about MTD.