Digital tax collection comes into force for businesses
02 APR 2019
Making Tax Digital has been described as the biggest shake-up to the taxation system since Self-Assessment was introduced more than 20 years ago.
The new system starts with VAT and requires businesses to keep records in a digital format and file their VAT returns using functional compatible software.Making Tax Digital will extend to Income Tax and Corporation Tax, but not before April 2020.
Making Tax Digital for VAT becomes effective for VAT registered businesses with a taxable turnover above £85,000 from 1 April 2019.