Yes, MTD for VAT is now only 5 months away for VAT registered businesses with turnover above the VAT registration threshold (£85000).
This means from 1 April 2019 these businesses MUST not only submit their VAT digitally under MTD, but are expected to maintain their VAT records from start to submission digitally.
A late concession to the above being, HMRC have now agreed spreadsheets are an acceptable method of digital record keeping, but these will need conversion (or ‘bridging’) software to make them acceptable by HMRC’s MTD dashboard.
Other solutions have also been identified to fully prepare businesses for MTD for VAT and also full MTD which should follow.
As a practice we have contacted our VAT registered clients to advise them on their duties and invite them to discuss with us the implications and engage with us to find their best solution.
All VAT registered businesses need to consider how this may affect them now if they haven’t done so already.
HMRC are writing out to all businesses and the following site will give useful information to all affected businesses.
remember if you wish to discuss with us how we can help you meet your obligations under MTD for VAT, please call 01977 797979