Major changes to the way companies file their accounts and tax returns appear to be on the cards. A consultation recently launched by the Department for…
On 1 April 2020, it will mark a year since the implementation of Making Tax Digital for VAT (MTDfV). At the start of this year, HMRC figures showed that over 1.2 million businesses are now enrolled and over 3.1 million submissions have been made.
1 April 2020 was meant to see the end of the ‘soft landing period’ for the requirement to have a digital link between software that makes up the VAT return. However, HMRC have announced an extension to put this in place. This means that all businesses now have until their first VAT return period starting on or after 1 April 2021 to put digital links in place.
During the soft landing period there has been no requirement for a digital link to exist between accounting programs. This gave businesses an opportunity to prepare their systems for compliance with the requirements of MTDfV.
We continue our series of FAQs along with answers on how best to handle some of the complexities – simply download our latest PDF below: