As you may well have heard, Making Tax Digital is the latest major new regulation coming into force this year, and will affect all VAT-registered organisations with taxable turnover above the VAT registration threshold. HMRC will require records to be kept in digital format, and VAT Returns are to be filed using specialist software.
Keeping up with the pace of change in digital is a challenge for any organisation, and it’s important you know what steps your museum will need to take to be ready for the deadline of 1 April.
Richard Sagar, Policy Manager at the Charity Finance Group, recently held a webinar with HMRC in order to address some of the key questions cropping up around MTD in the charity sector. You can view the webinar below. For more updates and information about the Making Tax Digital regulation visit the HMRC website here.
If you need any support with finance at your museum or have any questions, AIM members are entitled to FREE membership of the Charity Finance Group. Sign up in seconds and receive member benefits including discounted access to charity finance events and training, free member meetings covering pressing sector issues, online resources and exclusive publications. Sign up at: