Making Tax DigitalMTD for VAT
Making Tax Digital · VAT
Already mandatory, and mostly already solved.
Every VAT-registered business has to keep digital records and file through compatible software. If you are still bridging from a spreadsheet, this is the part that stops.
It applies to every VAT-registered business
Regardless of turnover. If you are registered, you are in, and have been for some time.
Digital links, end to end
The chain from your records to the return has to be digital. Copying a figure by hand into a bridging spreadsheet is the thing the rules were written to stop.
Nine boxes, explained
Financial IQ fills the return from your reconciled books and explains what each box actually is before you submit it.
Questions
No. Records are kept in Financial IQ and the return is filed from the same place, so there is no spreadsheet in the middle and no digital link to maintain.
The rest of Making Tax Digital
Keep the records now, ready for quarterly updates.
This is general information and tools for you to use. For advice on your own position, speak to a qualified adviser.