Is your turnover over £85,000? You NEED to keep Digital Records and submit VAT returns through a different gateway to HMRC starting from April 2019.
From April 2019 all VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 will be required to:
The MTD for VAT requirements will apply to all VAT registered businesses and organisations with turnover above the VAT threshold of £85,000. This includes unincorporated businesses, partnerships, companies, LLPs, trusts, non-UK businesses registered for UK VAT and charities. VAT registered businesses with turnover below the VAT threshold can opt in to MTD and file their VAT returns using MTD compatible software but there is no obligation to do so.
A six-month deferral will apply to around 3.5% of businesses who fall into one of the following categories:
These groups will be mandated to use MTD from 1 October 2019.
A pilot scheme is underway and we are already using this to file VAT returns through accounting software.
If you need any help give us a call!
At Glover Stanbury, all of our services are designed to add significant value to your business and personal wealth. read more