HMRC will be introducing Making Tax Digital (MTD) for VAT as a mandatory requirement for all VAT-registered businesses from 1 April 2022. Every business affected must ensure they are ready for the reporting changes this new process creates. Our article explains everything you should be aware of to be fully prepared.
What is MTD for VAT?
From April 2022, all VAT registered businesses in the UK must file their VAT returns digitally through MTD. This is regardless of their level of turnover. Previously only VAT-registered companies with incomes over £85,000 had to file their VAT returns through MTD, a policy that became effective in 2019. Now it is every VAT registered business including those with a turnover lower than £85,000. (more…)