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Businesses with an annual turnover above £85 000 are being urged by HMRC to sign up to Making Tax Digital (MTD).
Many of the 1.2 million businesses affected by the MTD rules will be required to submit their first quarterly VAT return to HMRC using software by 7 August. If paying by direct debit they must register by 27 July.
HMRC said:
- some 10 000 businesses are registering for MTD every day;
- more than 600 000 businesses have signed up in total with some 400 000 submissions already successfully made using software;
- businesses in the agriculture sector (such as farmers) have been one of the fastest groups to sign up to MTD with 50% already registered; and
- the financial sector has been one of the slowest to sign up with nearly 75% yet to sign up.
Ed Molyneux chief executive officer and co-founder of FreeAgent said: ‘Although HMRC has said...
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