VAT Update
Posted on 1st May 2019 at 12:50
VAT update from Autumn Budget 2018 and Making Tax Digital!
The VAT registration threshold will stay at £85,000 in 2020-21 and 2021-22.
Currently, the UK threshold is the highest in the EU.
The EU average is £29,000.
Two possible MTD scenarios for agents
Dedicated software, MTD Enabled ► Fewer problems
Hand-crafted or spreadsheet based accounts ► Will need "Bridging Software"
The key MTD DNA - the Digital Journey - with Functional Compatible Software
Digital records ► Stored digitally
Connected by "digital links" ► Communicated via APIs to HMRC
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