Making Tax Digital
Get set for digital returns
HMRC has set out its intention to become one of the most digitally advanced tax administrations in the world through the Making Tax Digital for VAT (MTDfV) initiative.
MTDfV introduces fundamental changes to the way the tax system works – transforming tax administration so that it is:
- More effective
- More efficient
- Easier for taxpayers to get their tax right
So what does this mean for VAT registered businesses?
Find out more about the respective MTDfV components and how Deloitte can help you comply.
MTDfV update in response to COVID-19 – April 2020
HMRC has announced a deferment of the MTDfV deadline in response to COVID-19’s impact on business activity. As a result, all businesses now have until their first VAT return period starting on or after 1 April 2021 to implement digital links. The deadlines for implementation of digital records and digital submission are unaffected.
Demian de Souza