HMRC's Making Tax Digital for VAT
Making Tax Digital (MTD) is a long-term project of HMRC. It's a move towards continuous assessment for all forms of tax, including income tax, corporation tax and VAT.
As part of MTD, HMRC has proposed that all businesses and some individuals – in particular landlords – should file quarterly as well as annual tax returns. At present most of the HMRC effort is devoted to MTD for VAT.
Trace Solutions – an HMRC-recognised software developer – is the first supplier of enterprise-grade property management software to be listed as a provider of MTD-compatible software.
We will include all mandatory areas of MTD as standard functionality in our 5.70.20 release, prior to HMRC's deadline for adoption.
Trace clients can see full briefing notes here.