From 1st April 2019, businesses which submit VAT returns will be expected to keep digital records. At the moment, all our VAT clients can be said to keep digital records since we were very early enthusiasts for MTD anyway. However, there will be an additional requirement to be able to turn these records into a standard format readable by the Revenue which needs to be considered.
In practice, MTD will hit us round about 1st June as VAT returns need to be actually submitted, and we have made an inventory of our clients to ascertain cutoff between the old system and the new.
Frankly, the Revenue’s general MTD efforts are just a joke. I cannot go onto the Revenue’s website and look up a client’s P60 or their CIS deduction history. I could do that in the “backward” Irish Republic where CIS is known as Relevant Contract Tax. What’s going on?