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Chartered Accountants, Wollaston, Stourbridge, UK
HMRC has now published the Value Added Tax (Amendment) Regulations 2018, setting out the requirements for MTD for VAT.
HMRC is phasing in its landmark MTD regime, which will ultimately require taxpayers to move to a fully digital tax system. This will begin with businesses with a turnover above the VAT threshold.
Under the new rules, from 1 April 2019 businesses with a turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.
HMRC is piloting MTD for VAT during 2018, ahead of its introduction in April 2019.
Keeping digital records and making quarterly updates will not be mandatory for taxes other than VAT before April 2020, although businesses below the VAT threshold which have voluntarily registered for VAT can opt to join the scheme.
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