TAXING TIMES:DIGITAL VAT REPORTING FROM APRII

摘要

Plans which require farm businesses to keep digital records and report income and expenditure for VAT directly from their software will come into force in April 2019.The government's Making Tax Digital push will affect nearly all enterprises with a turnover of more than ￡85,000.Those with a smaller turnover will not have to make the switch, but HMRC is encouraging them to do so voluntarily, as part of its drive to reduce reporting errors, close the 'tax gap' and provide immediate access to records, which it says could improve business planning.