• Making Tax Digital (MTD) legislation  requires businesses with a taxable turnover above £85,000 to keep their records digital
  • Deadline for such companies to comply with new tax rules is one month away
  • VAT registered businesses below the tax turnover threshold can join voluntarily
  • This week HMRC issued over  100,000 TV licence-style warnings to those who failed to meet new digital tax requirements in August

Small and medium-sized business have just under a month left to comply with controversial making tax digital rules.

Making Tax Digital for VAT is legislation that requires all VAT registered businesses with a taxable turnover of more than £85,000 to keep their records digitally and submit their VAT Returns using MTD compatible software.

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