With Making Tax Digital (MTD) due to take effect from 1 April 2019, it always looked unlikely that the VAT registration threshold of £85,000 would be reduced. That would be one double whammy too many – hands up all those who remember that famous phrase from the era of Margaret Thatcher? In the event the Chancellor announced a further freeze in the registration threshold for two years with effect from April 2020. Given the uncertainty over the introduction of MTD for VAT, this was a welcome announcement.
AGA Partners Accountants can help set up systems to support HMRC VAT compliance with HMRC MTD requirements.