HMRC’s digital reporting plans will significantly impact on our clients and us, and how transactions are handled, as the only way to submit VAT will be via MTD compliant software.
The first stage of the shift towards digital reporting is now under way. Are you ready? See who is effected below: –
The first phase of MTD from 2019 applies only to VAT registered business and will cover VAT reporting.
The second phase is anticipated to commence in 2020 and applies to individuals and partnerships carrying on the following activities:
- A trade, profession or a vocation
- A property businesses
It is also anticipated, although not yet confirmed that the following will also join MTD in 2020:
Companies: companies are not mandated into MTD until April 2020.