Where are we now with Making Tax Digital for VAT?
Caroline Miskin reflects on the transition to Making Tax Digital for VAT – has IT been a success? Are businesses now compliant? And she also looks at the next steps.
As at mid-November 2019, almost 1.3 million businesses had signed up to MTD for VAT and more than two million returns had been filed. Approximately 75% of businesses signed up in time for their first mandatory MTD for VAT return, and the compliance rate is now more than 90% for monthly filers and those in the first stagger group. Of those that signed up in time for their first mandatory return, 94% went on to successfully file their first return. Between 200,000 and 300,000 businesses with taxable turnover below the VAT threshold have signed up voluntarily.
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