Making Tax Digital for VAT guide
Including the new rules on the Digital Journey and Digital Bookkeeping
Delayed from 1 April 2020, HMRC's Making Tax Digital (MTD) Phase 2 came into effect on 1 April 2021.
This regulation requires over one million businesses, registered to pay VAT in the UK, to record and submit their VAT returns digitally with no interruptions, including manual transfers or adjustments.
The regime also brought with it, for the first time, a new penalty regime for business that fail to keep digital records or maintain a complete digital journey.
Download the 'Making Tax Digital for VAT' guide
- Explanation of Making Tax Digital for VAT (MTD) and the phase 2 requirements
- The new requirements for Digital Journey and Digital Bookkeeping, including what data must be stored digitally and what HMRC classify as a 'digital link'
- The new penalty regime; and
- How businesses can apply for an extension and why you need to start that process now.