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Is Your Business Prepared for Making Tax Digital?

New requirements for digital record keeping come into force on 1 April

With new requirements coming into force on 1 April for VAT-registered businesses with a taxable turnover about £85,000, NFU Scotland is reminding its members to ensure they are compliant.

Making Tax Digital has been described as the biggest shake-up to the taxation system since Self-Assessment was introduced more than 20 years ago.  The new system starts with VAT and requires businesses to keep records in a digital format and file their VAT returns using functional compatible software. Making Tax Digital will extend to Income Tax and Corporation Tax, but not before April 2020.

Making Tax Digital for VAT becomes effective for VAT registered businesses with a taxable turnover above £85,000 from 1 April 2019.  The filing position for VAT registered businesses with a taxable turnover below £85,000 will remain unchanged for the time being with the expectation that such businesses will be brought under the new requirements from April 2020 at the earliest.

Charlie Adam, NFU Scotland Vice President commented: “We understand this may cause worry for some of our members. If you have any questions or aren’t sure if this applies to you, please seek professional advice as soon as you can.

“NFUS members must ensure that they are compliant with the new requirements. Members who have questions can utilise the free tax helpline through their membership to speak to an advisor, call us for further information.”

Notes to Editors


Ends

Contact Ruth McClean on 0131 472 4108


Author: Ruth McClean

Date Published:

News Article No.: 43/19


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About The Author

Ruth McClean

Having worked in the communications and journalism industry for the last 11 years, NFU Scotland’s Communications Manager Ruth McClean understands the needs of journalists and has extensive knowledge of the wider agricultural industry. After growing up in Argyll and Bute and working in the area as a reporter for local newspapers for eight years, Ruth joined NFU Scotland in 2013 in her current role. She is also Editor of the Union’s membership magazine the Scottish Farming Leader.

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