The Independent Garage Association (IGA) has published a self-help ‘Garage Guide to Making Tax Digital for VAT’ handbook to assist independent garages with their compliance to the HMRC’s new VAT legislation.
From April 1, all VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are required to keep their VAT business records digitally and send their VAT returns using MTD-compatible software.
Only businesses deemed “complex” by the HMRC are exempt from the initial deadline. They must comply with the new regime by October.
The IGA’s new guide seeks to demystify the new digital tax returns process, as well as providing guidance on compliance with the scheme ahead of the April 1 deadline.
Stuart James, IGA Director said: “Making Tax Digital for VAT has somewhat slipped under the radar with all of the uncertainty surrounding Brexit, but it is not going away.
“We wish to reassure our members and take away any concerns that small independent garages may have over the transition.
“We are sure that once a garage has made the switch to digital tax returns, the whole process will become part of the daily routine.”
The Making Tax Digital for VAT booklet is a benefit of IGA membership.
Those wanting to access the new asset should contact the Association on 0845 305 4230 for more information.