TOP 5 MTD FOR VAT MYTHS
There is a lot of confusion about MTD. Here are 5 of the most common myths.
1. You have to use cloud software ... false
You can use a many different types of software to store your transactions including Excel and older versions of accounting software. It does not have to be a cloud solution
2. The current HMRC portal is closing ... false
The current portal is not closing in April 2019. Only companies above the VAT Threshold of £85,000 need to use MTD solutions. 3. All 2 million companies need to use MTD ... false
Only 1.1 million companies turnover is over the VAT Threshold of £85,000. All other companies who have voluntary signed up can use the existing portal.
4. MTD is being postponed ... false
3.5% of organisation who have a turnover of over £85,000 will be delayed until October 2019
5. HMRC require all your digital records ... false
At the moment HMRC are requiring the same 9 boxes as before and at this moment in time do not require the transactions.