There are major changes coming from HMRC that will affect VAT registered businesses with a turnover above the £85,000 threshold. ‘Making Tax Digital’ for VAT is going to mean that from 1 April 2019 around 1 million businesses will need to submit VAT Returns through compatible software and keep digital records.
VAT is the first major phase in the Making Tax Digital initiative which was first announced by the government in 2015 as part of HMRC’s ambition of making tax administration...
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