In light of the coronavirus lockdown and economic uncertainty, HMRC have announced that the second phase of Making Tax Digital (MTD) for VAT has been postponed for a full year until 1 April 2021.
Originally due to come into force on 1 April 2020, the aim of the second phase of MTD for VAT is to mark the end of the scheme’s ‘soft landing’ first phase, ensure businesses have a full end-to-end digital process in place and enforce penalties for non-compliance.
UK businesses now have until their first VAT return period starting on (or after) 1 April 2021 to implement their digital processes and links. Please click here to read HMRC’s statement.
For further advice, please get in touch with your usual PM+M representative or speak to a member of our team on 01254 679131.
This information is correct as of 31 March 2020. This blog is for general guidance only. Recipients should not act upon any of the information provided without seeking specific professional advice tailored to your circumstances, requirements or needs. Please contact PM+M before making any decisions based on any matters relating to this blog.