- Making Tax Digital for VAT is designed to simplify tax management for individuals and businesses.
- It requires digital record keeping of business finances, use of compatible software, and quarterly updates to HMRC.
- It became mandatory for VAT registered businesses with turnover above the threshold in April 2019 and for all VAT businesses in April 2022.
- The impact was evaluated using social research and other methods.
- This report summarizes the findings of previous evaluations, concluding the government’s assessment of Making Tax Digital for VAT.
Source: gov.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
