- 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.