HMRC postponed the implementation date of stricter requirements in MTD due to Covid-19. This extension is coming to an end.
Businesses have until their first VAT return period starting on or after 1 April 2021 to put digital links in place between software products (existing links must be maintained), but it is prudent to put these links in place now.
Until 1 April 2022, only UK businesses with turnover above the VAT registration threshold of GBP 85.000 in the UK are required to use MTD for VAT reporting. Businesses below the threshold can also voluntarily sign up for MTD. As of April 2022, all VAT registered businesses will need to comply with Making Tax Digital irrespective of their annual turnover.
Source: Marosa
Latest Posts in "United Kingdom"
- UK Implements EPR Scheme: Producers Pay Fees for Packaging Waste Management Starting 2025
- Rachel Reeves Considers VAT Adjustments Amid Budget Challenges Despite Labour’s Pledge
- Cayman Implements New Taxes on Imported Vehicles
- Tribunal Rules Nitrous Oxide Not Zero-Rated Food in Telamara VAT Case
- HMRC Updates VAT Notice 700/18: New Guidelines for Bad Debt Relief Claims
