Under Making Tax Digital (MTD) for VAT, most VAT registered businesses will have to report VAT in new way. If your turnover is above the registration threshold in the year to 31 March 2019 then from 1 April 2019 you must:
- Keep your bookkeeping records for VAT digitally
- Stop using HMRC’s portal to submit your VAT return
- Submit your VAT return information to HMRC through MTD compatible software (the nine totals on the VAT return)
- The initial requirement is that your software just has to submit the nine totals on the VAT return to HMRC.
As with all of our tax tips and web pages this information is necessarily summarised and of a general nature. If you would like detailed specific advice please contact us.