HMRC urges 1.17 million businesses to sign up to MTD for VAT

04 Mar 2019

With less than a month until the introduction of Making Tax Digital for VAT (MTD for VAT), HMRC is urging the 1.17 million UK businesses which have not yet signed up to the initiative to do so 'as soon as possible'.

MTD for VAT is set to come into effect from 1 April 2019 for businesses which have a taxable turnover above the VAT registration threshold (currently £85,000). Under the initiative, businesses must keep some records digitally, and must submit their VAT returns via an Application Programming Interface (API).

According to HMRC, almost 30,000 firms have already signed up to MTD for VAT, with 2,000 signing up each day.

Mel Stride, Financial Secretary to the Treasury, said: 'It has never been more important for businesses to be able to seize the opportunities that digital technology offers. MTD helps them to do just that – making it easier for businesses to get their tax right first time by transforming how they keep their records and send information to HMRC.

'It will give businesses more control over their finances, allowing them to spend time focusing on innovation, growth and the creation of jobs.'

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.