HM Revenue & Customs (HMRC) has confirmed that Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022.
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Businesses who defer VAT payments should continue to file returns as usual, says HMRC
Businesses who have deferred VAT payments until the end of June 2020 should continue to file Making Tax Digital (MTD) returns as normal, the regulator has confirmed.
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SMEs urged to go digital: £15.3 billion could be added to the UK economy
A recent study suggests that the UK economy could benefit by up to £15.3 billion if SMEs introduce the use of digital technology, tools and connectivity within their organisation.
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VAT receipts rise to record £133 billion
The amount of VAT collected in the last 12 months has risen to a record £133 billion, with a significant contribution from the retail and wholesale sectors.
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120,000 businesses failed to meet the Making Tax Digital deadline
HM Revenue and Customs (HMRC) has revealed that 1.1 million businesses have now signed up for Making Tax Digital (MTD) and so far, 1.2 million VAT returns have been successfully submitted through the service.
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Thousands of businesses struggling to get to grips with MTD
According to the latest industry research, thousands of businesses are struggling to get to grips with Making Tax Digital (MTD).
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