What is MTD for VAT?
From April, 2022 all VAT registered businesses whether their average turn over is above the VAT threshold or not the VAT returns should be submitted by online software.
If you are BVS client, you are already complied with Making Tax Digital for VAT.
What is MTD for Corporation Tax?
Similarly, corporation tax returns will be advised by HMRC to be submitted by software. However, this is still at the discussion stage and as per the current discussion the implement date of MTD for corporation tax will not be implement before 2016.
What is MTD for ITSA?
Please read the article in the BVS insight which was written focusing MTD for ITSA
- All Accounting and Taxation return submitting will be done through recognised software. Therefore, get your own accounting system right or get right online accounting accountant.
- Make sure your accounting/ accountant’s software is compatible with Making tax digital
- If you are with BVS, you are already absolutely fine. BVS has compatible and HMRC recognized software