Making Tax Digital

Making Tax Digital

From the 1st April 2019, if you are VAT registered (VAT threshold currently £85,000) then you have to submit your VAT returns electronically under 'Making Tax Digital' (MTD).

This means that all VAT returns for the periods starting on or after the 1st April 2019 must be filed electronically using software such as Sage, Xero or QuickBooks, or by using a spreadsheet and extra 'bridging' software.

Initially this will only apply to VAT, but the Government intend this to apply to other direct taxes, however this won't happen until 2020 at the earliest.

If your accountant files your VAT return then its worth checking with them that they file electronically (most do). If you file your own VAT manually then you have no option but to do so electronically from the 1st April 2019.

For further information don't hesitate to give one of the team a call, or to download this fact sheet please click here.