MTD Deadline Is Fast Approaching
Most VAT registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to keep digital VAT records and send HMRC their VAT returns using Making Tax Digital-compatible software. This applies to VAT return periods which started on or after 1 April 2019.
Agents are able to do this on their clients’ behalf if they wish. Leonard Scholes, Client Services Manager at Scholes Chartered Accountants, talks about the transition to Making Tax Digital for both themselves and their clients.