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Gresham House Strategic plc

Discover how Tax Systems can help you meet the immediate demands of MTDfVAT before 1 April 2019

The Challenge

Making Tax Digital for VAT (MTDfV) comes into force for obligation periods starting on or after 1 April 2019 for all businesses with taxable turnover above £85,000.

From this date businesses must implement digital systems that enable them to comply with the MTD requirements as follows:

• Keep their VAT records including summary data in digital format
• Retain VAT records in digital form for six years
• Create the VAT return from digital records
• Submit the VAT return to the HMRC API digitally
• Provide supplementary data (additional information) voluntarily (HMRC still to clarify requirements)
• Use software capable of receiving information digitally from the HMRC API

 

Gresham House Strategic PLC (LON:GHS) has a 2.1% ownership of Tax Systems as of June 2018.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.