Be prepared for multiple phishing campaigns about ‘registering online’…:
UK-based businesses with a turnover above £85,000 will be required to switch to the new digital tax service to report earnings and calculate VAT tax owed from today.
VAT-registered businesses will be required to use the new service to keep digital records of their transactions and use software to submit their returns. According to HMRC, the switch will make it one of the “most digitally advanced tax administrations in the world”.
Christiaan van der Valk, VP of Strategy at Sovos, previously told Verdict that the change will make tax returns “simpler, more objective and less cumbersome to administer”.
The change will not apply to businesses, sole traders and landlords that earn below the £85,000 VAT threshold. However, HMRC plans to roll out the system to everyone once it has been proven to work effectively.