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Making Tax Digital Timeline

The tax people are moving forwards with their digitisation of taxpayer VAT and Income Tax reporting requirements under their Making Tax Digital initiative. We hope this provides some useful info for you ...

Mandatory filing of VAT returns using Making Tax Digital compliant software will commence for all returns submitted after 1 April 2019. This will apply to VAT registered traders with turnover in excess of the present VAT registration limit of £85,000.
Traders in the following list can apply for a six month deferral, to October 2019 from this requirement. Those eligible for the deferral include:

  • trusts
  • ‘not for profit’ organisations that are not set up as a company
  • VAT divisions
  • VAT groups
  • those required to make payments on account and
  • annual accounting scheme users.

The Making Tax Digital process will not be rolled-out to other taxes (Income Tax and Corporation Tax for example) until April 2020 at the earliest. Phew ...

If you have questions, just contact us for a free consultation!

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