HMRC initiative "Making Tax Digital" - Are your UK VAT processes ready?

 With the aim to make HMRC into a "world leading, digital tax authority", all organisations with a turnover above the VAT registration threshold (£85.000) will have to:

* keep and be able to provide their VAT records digitally.
* submit their VAT data to HMRC thorugh compatible software, not through the HMRC online portal

It will no longer be allowed for a VAT taxable person to manually transpose figures in the HMRC's protal in the framework of the submission of the VAT return. This obligation is due to come into effect as from 1 April 2019.

According to figures from the Chartered institute of Taxation 87% of VAT taxable persons (obliged to submit VAT returns) will be impacted by the new rules. As a result, if your organisation is among the 87% filing its UK VAT returns via the HMRC's portal, MTC will present a significant change to your current (VAT) process(es).

Feel free to reach out to us, should you like more background on MTD.