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Frequently Asked Questions
The Making Tax Digital initiative started in April 2019 for VAT. The timeline for other taxes may vary, and it’s best to check the latest updates from HMRC.
To comply with Making Tax Digital, you need to keep digital records and use software to submit your VAT returns. If you are not already doing this, you will need to sign up.
There are many software solutions that are compatible with Making Tax Digital. HMRC provides a list of Making Tax Digital compatible software on their website.
HMRC has a points-based penalty system for late submission and payment. If you miss a deadline, you will receive a point. Once points reach a certain threshold, you will be penalized.
No, if your business is above the VAT threshold, you cannot opt out of Making Tax Digital. However, there are certain exemptions based on disability, age, remoteness of location, or religious beliefs.
Explore the challenges and impacts of the UK’s Making Tax Digital initiative, including delays and the cost burden on taxpayers.
Making Tax Digital: The Rising Costs and Challenges Introduction Making Tax Digital (MTD), the ambitious initiative by HM Revenue & Customs (HMRC) to digitise the