This Content Was Last Updated on November 19, 2020 by Jessica Garbett
VAT to be all-digital from April 2019.
The chancellor has announced the passage of enabling legislation in the Finance (No.2) Act 2017 allowing, subject to secondary legislation, for HMRC to require businesses to keep records digitally.
VAT is the only area that must use Making Tax Digital for business (MTDfB) – from April 2019. It applies to businesses with a turnover above the VAT threshold. HMRC is still piloting and testing the MTDfB service, and expects it to be available from spring/summer 2018.
We are still awaiting VAT draft legislation or other documents, and would appreciate members’ comments once these have been published.
Article from ACCA In Practice