Making Tax Digital ― overview

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides an overview of Making Tax Digital (MTD) for VAT.

What is Making Tax Digital for VAT?

Broadly, MTD for VAT is a requirement on businesses to keep records in a digital format, file VAT returns using ‘functional compatible’ software and have a VAT return process that is ‘digitally linked’ and restricts the need for manual intervention in the preparation of VAT returns. The functional compatible software must be capable of receiving information from HMRC digitally via an ‘API’. All VAT-registered businesses must be compliant with the MTD requirements (albeit there are some very limited exceptions (see below). Businesses are automatically enrolled for MTD when submitting a new VAT registration.

Key considerations associated with MTD for VAT include the following:

Consideration	Further guidance notes
What are the digital record keeping and VAT filing requirements under MTD for VAT?	Making Tax Digital ― VAT ― returns and compliance

Making Tax Digital ― who do the rules apply to?

The MTD for VAT obligations apply to all VAT registered

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Corporation Tax

Qualifying charitable donations

Qualifying charitable donationsCompanies can obtain corporation tax relief for qualifying payments or certain transfers of assets to charity under the qualifying charitable donations regime. Definition of qualifying charitable donationThe definition of ‘qualifying charitable donations’

14 Jul 2020 13:03 | Produced by Tolley Read more

Employment Tax

Loans written off

Loans written offCompanies sometimes provide directors, employees or shareholders with low interest or interest-free loans either as part of the reward package or on special occasions to help the individual meet significant expenditure. The employment income implications of these loans are discussed

14 Jul 2020 12:11 | Produced by Tolley Read more

Value Added Tax

UK VAT invoice requirements

UK VAT invoice requirementsThis guidance note provides details of the information that must be shown on a valid tax invoice. Businesses supplying goods and services that are liable to the standard or reduced rate of VAT are required to issue a tax invoice to another VAT registered person.If the

14 Jul 2020 13:46 | Produced by Tolley Read more

��Ƶ