Making Tax Digital (MTD)
MTD is the first major initiative by HMRC to digitalise taxation and transform the UK’s tax reporting landscape to, in their own words, “become one of the most digitally advanced tax administrations in the world”.
If you are a VAT registered business that has crossed the £85,000 threshold currently in place, you have a legal obligation to comply with the MTD regulations – please read on.
MTD in respect of VAT is the first step in a broader transformation towards a more effective, efficient system which will eventually assist tax payers in getting their tax obligations…