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…
For some businesses, Making Tax Digital for VAT (MTDfV) will be a relatively straight forward transition. However it is recognised that businesses that do not have a standard VAT registration and have complex VAT calculations will have many questions.
MTDfV is mandated from 1 April 2019 for all entities with taxable turnover above the VAT threshold (except those that have been deferred).
From 1 October 2019 MTDfV is mandated for the entities that have been deferred. These include VAT groups, businesses required to make payments on account, traders based overseas, unincorporated not-for-profit entities, trusts, annual accounting scheme users, certain public sector organisations and public corporations.
In this PDF downloads below we look at our top FAQ’s and answers designed to help with some of the complexities.