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HMRC have updated MTD for businesses with more complex requirements The exception is a small minority of VAT-registered businesses with more complex requirements. As part of planning for the VAT pilot, HMRC have made the decision to delay mandation for these customers until 1 October 2019 to ensure there is sufficient time to test the…
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Reference to VAT Notices 700/21, 700/22 and 731 suggests that a business using Cash Accounting for VAT under Making Tax Digital will be required to:- Maintain digital accounting records at transaction level: Keep a digital VAT account using Accrual accounting; Cross reference Monies Received and Paid against individual Sales and Purchase invoices within their digital…
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