VAT-registered businesses with a taxable turnover above the VAT threshold (currently £85,000) have been required to keep digital VAT business records and send VAT returns using Making Tax Digital-compatible software since 1 April 2019. From 1st April 2022 that extends to all VAT registered businesses regardless of turnover.
HMRC have published a VAT Notice which provides technical guidance about Making Tax Digital for VAT and also a list of software developers and providers who are currently supporting Making Tax Digital for VAT.
We’ll keep you updated with any changes as they occur, but if you have any questions regarding this, please contact our VAT specialist Ruth Corkin.
If you need help getting read for this change, register for our upcoming webinar. Click here to sign up.