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?