Apologies in advance if this is a silly question - but wanted to confirm if MTD relevant for sole traders as well as ltd companies.
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From here
https://www.icaew.com/technical/tax/making-tax-digital/mtd-guidance/mtd-...
"From April 2019: Impacts VAT reporting by VAT registered businesses and organisations (including sole traders, partnerships, limited companies, non-UK businesses registered for UK VAT, trusts and charities) with turnover above the VAT threshold"
If they are registered for VAT, then yes.
But only if their turnover exceeds the VAT threshold (currently £85k p/a). If it doesn't, they can continue as they are. At this time anyway.
How do you know I'm an adult professional? I could be talking b0110xs whilst doing my year 7 homework.
I actually think it's a reasonable question given my situation whereby my client is a small sole trader who has opted to register for VAT despite having turnover under the threshold.
This is the first time you've mentioned that vital piece of information.
I actually think it's a reasonable question given my situation whereby my client is a small sole trader who has opted to register for VAT despite having turnover under the threshold.
It was hard to tell the difference between your question and one from some one who couldn't be bothered to look at the guidance available with very little research. If you have made an effort and are still stuck then it helps if you explain why (eg HMRC says A on this website but ICAEW says B here, what's going on?)
Actually I was asking the question the other way round in Oct 2017. Does MTD for VAT effect companies from April 2019.
https://www.accountingweb.co.uk/any-answers/mtd-vat-and-companies
No need to answer as we got definitive guidance.
It's a very fair question and if you are unsure you should always ask.
Better that than think you know best then make a mistake......
Yes, it does affect sole traders over the VAT threshold and it wasn't made that clear.
All the best.
It's a very fair question and if you are unsure you should always ask.
Better that than think you know best then make a mistake......
Yes, it does affect sole traders over the VAT threshold and it wasn't made that clear.
All the best.