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From 1 April 2019, when all VAT registered businesses (with a taxable turnover above £85,000) will be required to keep digital accounting records and send HMRC their VAT returns using appropriate API software.
It is important that you are aware of your obligations including if and when you join MTD for income tax or VAT.
One of the difficult areas of those businesses close to the threshold to consider will be when they fall within the rules. It is highlighted that only businesses with a taxable turnover that has never exceeded the VAT registration threshold will be exempt from Making Tax Digital and that businesses will need to keep an eye on taxable turnover, especially if it is close to reaching the VAT threshold. The first VAT period for which the rules apply is the one covered by the return starting on or after 1 April 2019.
HMRC has stated that it will allow a period of time (the soft landing period) for businesses to have in place digital links between all parts of their functional compatible software and this will apply for the first year of mandation (VAT periods commencing between 1 April 2019 and 31 March 2020).
If you are unsure on what software is are MTD compliant click here.
And if you need to have your mind put at rest ready for these new rules were here to help! Call 01530 267320 or email email@example.com to talk to one of our friendly team.
Good tax advice in a friendly and professional manner.
Compressed Air Services Limited