Online Import Vat Calculator UK 2022
All you need to know about Making Tax Digital for VAT Making Tax Digital for VAT is the first step in HMRC’s plan to digitize the UK’s taxation system. Originally Making Tax Digital (MTD) for VAT was only a requirement for VAT registered businesses with turnover in excess of the VAT registration threshold of £85,000. However, from April 2022, all VAT-registered businesses will be required to keep digital VAT records and submit VAT returns via MTD-compliant software, regardless of their turnover. This means that voluntarily VAT-registered businesses generating revenues below the £85,000 threshold will have to comply from 1st April 2022. Making Tax Digital for VAT will apply to their first VAT return starting on or after April 2022. If you’re feeling a bit in the dark about Making Tax Digital for VAT, don’t panic. Read on as we explain how MTD for VAT affects your business and how to get started. What will change when registering for Making Tax Digital for VAT? ...