Making Tax Digital – what farmers and agricultural businesses need to know

Making Tax Digital (MTD) has faced a number of delays and was temporarily placed on hold earlier this year as a result of the June snap general election.

However, the Government has now announced that MTD is back on track.

Businesses with a turnover above the VAT threshold (£85,000) – which includes the majority of farms and rural businesses - will need to keep digital records and report them on a quarterly basis from 2019.

If your business falls within this threshold you only need to record VAT-related tax digitally using MTD approved software.

If your agricultural business falls below the threshold, MTD will be available on a voluntary basis.

MTD Infographic