In light of the coronavirus pandemic HMRC have announced that businesses participating in Making Tax Digital for VAT have until 1 April 2021 to meet the requirement to have ‘digital links’ within their accounting systems.
To ease the pressure during the COVID-19 crisis, HMRC has confirmed that it is allowing more time for participants in MTD for VAT to implement digital links within their accounting systems.
Under MTD for VAT the required digital records can be held within more than one piece of software or spreadsheet, however, there must be a digital link between them; the data cannot be transferred manually between software products.
Current MTD Deadlines
All entrants to MTD were given a year from the launch of MTD to have these digital links in place. This gives businesses until 1 April or 1 October 2020, depending on their original MTD deadline. HMRC has confirmed that all businesses now have until their first VAT return period starting on or after 1 April 2021 to put digital links in place.
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With all the legislative changes and updates over recent days in these ever changing and uncertain times, our teams are briefed and here to help you and your business.
Whilst our physical offices are closed following the ‘lock down’ advice, the team at NR Barton are working remotely from home. If you have any questions you should not hesitate to contact your engagement partner or manager who will be happy to assist; our contact details can be found here.
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All the best
The NR Barton team
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