Telephone: 01926 512763 | Fax: 01926 851261 | Email: flemons@flemonsaccountancy.co.uk

Making Tax Digital for VAT

HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system.

Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) will be required to keep digital records for VAT purposes using 'functional compatible software' and provide their VAT return information to HMRC via an application programming interface.

This notice explains:

  • the digital records businesses must keep and the ways to record transactions digitally in certain special circumstances
  • what counts as 'functional compatible software', and when software programs do and do not need to be digitally linked where a combination of programs is used.

The new rules have effect from 1 April 2019, where a taxpayer has a ‘prescribed accounting period’ which begins on that date, and otherwise from the first day of a taxpayer’s first prescribed accounting period beginning after 1 April 2019.

Please contact us for advice and support on the introduction of MTDfV.

Internet link: GOV.UK MTD

Bank of England raise interest rate

02 Aug 2018

The Bank of England has raised the interest rate from 0.5% to 0.75%.

Making Tax Digital for VAT

02 Aug 2018

HMRC has published further information on Making Tax Digital for VAT (MTDfV).

Scotland introduces relief for first time buyers

02 Aug 2018

First-time buyers in Scotland will be helped to purchase their first home through a new tax relief which applies to Scottish Land and Buildings Transaction Tax (LBTT).