Making Tax Digital – VAT
Making Tax Digital – VAT : HMRC have announced plans to make tax digital in the coming years. VAT is the first part of this making tax digital plan, to come into effect from 1 April 2019.
Making Tax Digital – VAT affects most businesses, both individual and businesses. All VAT registered businesses will need to maintain a digital record of income and expenditure items. A digital VAT return will need to be prepared from this list.
From 1 April 2019, businesses will no longer be able to submit their VAT returns manually by inputting into the HMRC online portal. Instead, VAT returns must be submitted digitally into HMRC portal.
For more information on digital VAT , please get in touch.https://richmondaccounting.co.uk/wp-admin/post.php?post=19&action=edit