The MTD compliance deadline is approaching fast and businesses and big brands are gearing up to ensure that they are on the right side of the history. However, very few people know the exact information that needs to be stored digitally as per the HMRC requirements. With Making Tax Digital, it will not be a matter of scanning documents and uploading them digitally, nope, every transaction must be recorded and stored digitally and therefore can be viewed as a standalone transaction. The business data will be recorded real-time but the submissions shall be done on a monthly or quarterly basis.
But what needs to be kept digitally in this MTD thing?
In your business first quarterly update, HMRC requires the following information to be included; your organization or business name, the physical and post office box address of the business location, VAT registration number, and the existing …