From April 2018, VAT registered businesses with a taxable turnover above the VAT registration threshold, currently £85,000 sales revenue in any 12 month period, must keep VAT records digitally and file their VAT returns using MTD compatible software.
HMRC will require digital records for each business transaction to be submitted quarterly via compatible software.
It is important that businesses comply with this Government initiative.
Businesses can either embark on the digital records keeping themselves using a variety of software providers:
or business may choose to allow their accountant to take care of this burden, freeing them up to carry on with their business, to concentrate on what they know, rather than being slowed down by tedious record keeping.