HMRC update regarding Making Tax Digital for VAT- VAT Notice 700/22
HMRC have released further information regarding Making Tax Digital.
Rules introduced under the Making Tax Digital initiative mean VAT registered businesses with taxable turnover above the VAT registration threshold need to keep digital records and submit VAT Returns to HMRC using functional compatible software.
This notice explains:
- the digital records businesses must keep, and ways to record transactions digitally in certain special circumstances
- what counts as ‘functional compatible software’, and when software programs do and do not need to be digitally linked where a combination of programs is used
To view this notice please visit: HMRC VAT NOTICE