7 August 2019 was a landmark in one of the most significant changes ever to occur in UK business-to-government VAT reporting. The requirement to file VAT returns via HMRC’s new digital tax system Making Tax Digital for VAT (MTD) affected 1.2 million VAT registered taxpayers. The vast majority file quarterly returns and were therefore expected to make their first MTD filings on or before 7 August, 7 September or 7 October, with most quarterly filers operating to quarters aligning to the calendar year (although a smaller number of monthly VAT filers will already have done so by 7 June). On their website, HMRC made the enterprising statement “HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world and MTD is making fundamental changes to the way the tax system works – transforming tax administration so that it is more effective; more efficient; easier for taxpayers to get their tax right”.
Source: SOVOS
