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Making Tax Digital (MTD) – Mandatory digital record keeping for VAT for businesses over the VAT threshold (with turnover over £85,000) came into force from 1 April 2019. This was an important first step in the modernisation of the tax system to which the government remains committed.
The government have confirmed a light touch approach to penalties in the first year of implementation. Where businesses are doing their best to comply, no filing or record keeping penalties will be issued. The focus will be on supporting businesses to transition and the government will therefore not be mandating MTD for any new taxes or businesses in 2020.
Information above taken from the ‘Spring Statement 2019: Written Ministerial Statement’. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/785618/WMS_final_Commons.pdf
For further information, see the gov.uk website; https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
