The first phase of Making Tax Digital (MTD) will go live from April 2019. It's a hot topic in the tax and accounting industry and for good reason. Follow our Making Tax Digital blog to stay up to date with the latest information.

The Economic Affairs Committee has warned HMRC that small businesses 'could pay a heavy price' for Making Tax Digital for VAT (MTDfV). The Committee stated that HMRC has 'failed to adequately support small businesses' ahead of the introduction of MTDfV. MTDfV is generally set to come into effect for the from 1 April 2019 for businesses which have a taxable turnover above the cu ...

HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex requirements will be deferred from being subject to MTD for six months. Essentially, the public pilot is now open to sole traders and companies using standard VAT accounting. This applies whether returns are done month ...

HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) will be required to keep digital records for VAT purposes us ...