Making Tax Digital for VAT (MTDfV) fundamentally changes the way in which businesses keep VAT records and submit VAT returns. At Isaacs Solutions, we can provide guidance on the key aspects of MTDfV and the implications for your business in the West Yorkshire area.
Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system.
This factsheet outlines some of the key issues for businesses.
- Making Tax Digital for Business
- Revised timescales
- Making Tax Digital for VAT (MTDfV)
- MTDfV 2022
- VAT returns
- Using third party software and keeping digital records
- Software issues
- Transition: soft landing penalty period
- Exemptions
Source: www.isaacsonline.com
Latest Posts in "United Kingdom"
- UK Should Lower or Abolish VAT Threshold to Boost Small Business Growth and Efficiency
- Lowering VAT Threshold Risks Breaching Labour’s Manifesto, Warns Self-Employed Association
- UK VAT Threshold Debate: Growth-Boosting Increase or Revenue-Raising Decrease at Autumn Budget?
- Chancellor Proposes Raising VAT Registration Threshold to £100,000 to Boost UK Economy
- ICS2 Implementation for Northern Ireland: Transition Details and Support for Carriers by HMRC
