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Now Making tax digital is compulsory for all VAT registered businesses!
Making tax digital
MBM
10/20/20201 min read
Since April 2019, VAT-registered businesses with a turnover above the VAT threshold (currently £85,000) keep VAT records digitally and send returns using Making Tax Digital (MTD) compatible software.From April 2022, these requirements will apply to all VAT-registered businesses, including those with a taxable turnover below the VAT threshold.which means all VAT registered businesses must :
Keep VAT records electronically
keep VAT records for at least 6 years
keep an electronic record of sales and purchases
keep a separate summary of VAT called a VAT account
issue correct VAT invoices
issue and keep electronic invoices
keep copies of all the sales invoices you issue even if you cancel them or produce one by mistake
keep all purchase invoices for items you buy
You can hire an accountant if you need help with your VAT. At MBM-Accountex we can help your business with VAT&MTD and if you choose us we will give you free access to HMRC compatible MTD software.