Making Tax Digital – the benefits from your perspective

Most VAT registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to keep digital VAT records and send HMRC their VAT returns using Making Tax Digital-compatible software.

This applies to VAT return periods which started on or after 1 April 2019. To aid the transition, HMRC have created some videos to show how people are currently using the software.

Below Richard Balson who runs England’s oldest family business, R J Balson, talks about the benefits of using the new service.

Here we hear from Dorset based butcher Richard Balson who has signed-up to MTD to make his own VAT returns.

Agents are able to file VAT returns on their clients behalf if they wish. Billie McLoughlin, an accountant from Harris, Lacey & Swain in Hull, talks about how she has been preparing her clients for the new VAT service.

Billie McLoughlin talks us through how she’s been preparing her clients for the new VAT service.

Some useful MTD resources for AAT members:

Content Team are the owners of AAT Comment.

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