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.