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Making tax digital for VAT

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The Value Added Tax (Amendment) Regulations, SI 2018/261, set out the detailed ‘making tax digital’ requirements for businesses with taxable turnover above the VAT registration threshold to keep and preserve digital records and send VAT returns using compatible software from April 2019.

The regulations have effect from 1 April 2019 for those taxpayers who have a prescribed accounting period beginning on that date; otherwise, they apply from the start of a taxpayer’s first prescribed accounting period beginning after that date.

HMRC consulted on a draft version of the regulations and a draft of a new VAT notice between December and early February.

Issue: 1390
Categories: News , VAT