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VAT registered or not, it is useful to know what the new legislations are going to be regarding MTD for VAT.
For VAT registered businesses with a turnover above the VAT threshold of £85,000, it will be compulsory. You will need to comply with the digital record keeping and reporting requirements.
If you are VAT registered but you are below the threshold, you will get a choice whether you want to join MTD for VAT or not.
This month’s Active Practice will guide you through:
· VAT return quarters
· Exemptions
– The religious societies
– Not Practical
– Insolvency
· Digital Records
– Designatory Data
– Supplies made
– Supplies received
· The VAT account
· What is ‘functional compatible software’?
· Completing and submitting VAT Returns
· Getting ready
If you would like to know anything more then please get in touch but, first of all, take a read of our latest Active Practice to find out more. You can download it here:
JDA – Active Practice – 2018-07 – MTD for VAT businesses
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Any questions?
Tags: Business Advice, Making Tax Digital, MTD, VAT
Categories: Accounting, Finance, Making Tax Digital, Taxes
Categories: Accounting, Finance, Making Tax Digital, Taxes
