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Update for Making Tax Digital (MTD) (UK legislation)

Written by Marcel Thijssen on . Posted in Exact Globe

As part of MTD, businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 will need to keep VAT records digitally and file their VAT returns using MTD compatible software. This will start from their first VAT period starting on or after 1 April 2019, which for monthly returns means that their first return will be due by 7th June and for April – June quarterly returns it means that their first return will be due by 7th August.

With development finished on the new MTD API we aim to include the functionality into the service pack release due on April 12 due to our HMRC certification date. This release date is dependent on the HRMC. The initial plan to include the functionality into the service pack of April 1st cannot be met due to this reason.

As we have found from other legal requirements that we have implemented, the requirements set by Governments can be quite dynamic and open to change until close to the start date, as with the Fraud Prevention Header now set to be mandatory by the HMRC.   Please see https://blogs.exact.com/products/2019/03/making-tax-digital-mtd-update-for-the-uk for further details.

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