A summary of Making Tax Digital from Emily Coltman, FCA

 

Transcript

MTD for VAT is the first step in HMRC's plan to digitise tax.

From the first of April 2019, businesses with sales over the VAT threshold who are registered for VAT will need to file their VAT returns to HMRC using MTD-compatible software.

FreeAgent has been working really closely with HMRC to make this happen and we've already made our first successful submission to HMRC through MTD.

So, what happens next?

Once MTD for VAT has settled, HMRC will look to do the same for Income Tax and Corporation Tax – but that won't happen until at least 2020.

Got questions?