The government’s Making Tax Digital (MTD) initiative means that UK businesses will need to store digital records and submit updates to HMRC using recognised accounting software.
MTD for VAT is already here! All businesses with VATable sales above the VAT threshold (currently £85,000) are now required by law to store financial records digitally and submit VAT returns from MTD-compatible accounting software.
Making Tax Digital for VAT in 60 seconds
Get to grips with MTD for VAT in this short video from FreeAgent’s chief accountant, Emily Coltman.
When's it happening?
Check the timetable to find out when Making Tax Digital will affect you.
MTD for VAT pilot begins.
MTD for VAT becomes mandatory for businesses over the VAT threshold (£85k).
HMRC looks to widen the scope of MTD.
FreeAgent's been submitting VAT digitally since 2010
Digital VAT may feel like a big change, but FreeAgent is ready. In fact, we’ve been submitting digital VAT returns to HMRC on behalf of our customers for the last eight years!!
We are proudly participating in the MTD pilot programme and our software is on HMRC’s list of compatible suppliers for MTD for VAT.
Something I could not imagine running my business without now is @freeagent. Oh my, what a godsend! It's made invoicing and everything else finance related so easy. #smallbizresources #MinalsTips 5:15 AM - 7 Jun 2018
FreeAgent is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (register no. 799763) for the provision of account information services. Registered in sunny Scotland No. SC316774 - One Edinburgh Quay, 133 Fountainbridge, Edinburgh, Scotland, UK EH3 9QG