The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behind us but 2021 brings new challenges. Under Phase 2, businesses that exceed the £85,000 threshold will need to have digital records and digital links in place to create an automated end-to-end VAT process. Achieving this is likely to be more complex and there are a number of ways in which the business can comply, necessitating the evaluation of the options in the light of what the business hopes to achieve.
In this report we:
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