All VAT registered farm businesses must adopt the government’s Making Tax Digital (MTD) for VAT agenda from April this year, regardless of annual turnover.
Making Tax Digital (MTD) originally came into force from April 2019 in a bid to transform tax administration. There are now extensions to MTD being introduced which may affect those that are not currently required to follow the MTD rules.
SME’s with legacy IT systems have been given a further year to comply with complex new digital tax rules
HM Revenue and Customs (HMRC) introduced the new Making Tax Digital (MTD) programme in April 2019. Since then, most self-employed people and business owners with a turnover above the £85,000 VAT threshold have been forced to file their returns online using specialised software.
In a recent update from HM Revenue & Customs (HMRC), some care is needed when ‘signing up’ for Making Tax Digital.