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Digital winds
KEY POINTS
- MTD for VAT-registered businesses begins in April 2019.
- Impact of digital record-keeping on cash accounting scheme users.
- No changes to the flat rate scheme under MTD.
- An HMRC tool will aid software selection.
When Making Tax Digital (MTD) was announced in 2015 my initial thought was that I would not need to be involved with its finer details. After all I said to myself it’s all about software not VAT. Needless to say this approach needed a U-turn when accountants started sending me questions about MTD most of them VAT-related rather than software-based.
As readers will know MTD makes its debut for VAT returns submitted by a business trading over the registration threshold for VAT periods beginning on or after 1 April 2019. So I have...
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