ARTICLE · 27 AUGUST 2021

MTD Guide: What Do You Need To Know About MTD?

Price Bailey

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As you are hopefully aware, the end of the soft landing period for Making Tax Digital is drawing closer and for any VAT periods starting on or after 1 April 2021 MTD registered businesses will need to be compliant with the full MTD regulations ...

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As you are hopefully aware, the end of the soft landing period for Making Tax Digital (MTD) is drawing closer and for any VAT periods starting on or after 1 April 2021 MTD registered businesses will need to be compliant with the full MTD regulations surrounding digital record keeping and digital links.

There are two main areas which will change from 01 April 2021:

Digital record-keeping – Obliging the maintenance of key VAT transactional data in digital form.
Digital links – Requiring the transfer of digital data between software programs or applications by digital means. The digital journey must be uninterrupted, without manual transfers or adjustments.

These changes apply to all businesses that are over the registration threshold for VAT (£85,000). If you fall over the registration threshold you should already be filing through the MTD filing portal – either using compatible software or bridging software.

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