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Making Tax Digital ― digital record-keeping requirements, digital submission and compatible software

Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance

Making Tax Digital ― digital record-keeping requirements, digital submission and compatible software

Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance
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This guidance note provides an overview of digital records and submitting VAT returns using Making Tax Digital (MTD) compatible software.

For an overview of MTD for VAT more broadly, see the Making Tax Digital ― overview guidance note.

Digital record-keeping and software requirements ― the basics

Under MTD for VAT, various kinds of records have to be kept and maintained digitally in an ‘electronic account’. Records that must be kept digitally in this way include certain ‘designatory data’ about the business, records of supplies made and received, summary data relevant to the VAT return figures and adjustment figures. Special requirements and variations to the general requirements apply in specific circumstances, particularly where a business operates a special VAT scheme (for example, a retail scheme).

The electronic account must be kept in what is referred to as ‘functional compatible software’. There are various conditions that need to be satisfied for an MTD solution to be considered to be functional compatible software but it need not necessarily be

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  • 14 Sep 2022 11:01

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