Which software packages support the Making Tax Digital pilots 18 October 2018
If you are an agent and you sign clients up to the Making Tax Digital pilots you’ll need software packages that, depending on your needs, let you send Income Tax updates and submit VAT Returns to HMRC on their behalf.
You’ll need this software to keep records of income and expenses for Income Tax, or sales and purchases for VAT. If you’re already using software to keep records, check with your provider when the software will be ready to allow you to send updates and submit returns to HMRC throughout the year.
GOV.UK has recently updated and added to the list of Software suppliers with products for submitting VAT Returns as part of the Making Tax Digital pilot.
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MTD Stakeholder pack updated for VAT and Income Tax 23 October 2018
HMRC have updated their MTD stakeholder pack which currently covers VAT and Income Tax.
The vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) will be mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software from April 2019.
MTD will not be mandated for other taxes until at least April 2020, but businesses can get involved in the Income Tax pilot now on a voluntary basis.
This communication pack seeks to provide support HMRC partnership working arrangements with stakeholders, who can use the contents to inform their own communications activity and key messages for their clients, customers or members.
MTD for VAT – the pilot is now open for VAT businesses and their agents. HMRC look to explain a little more about who can join, and when, in the pack.
MTD for Income Tax – this pilot is available for the self-employed with income from one source of self-employment and landlords (except those with furnished holiday lettings). Information to explain how to get involved on a voluntary basis.
Answers have been provided to the most frequently asked questions that businesses and agents have for HMRC about signing up for MTD and starting to use software to keep digital records and have committed to providing updates to this information.
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HMRC delays rollout of digital VAT returns – for some businesses 29 October 2018
Filing VAT returns using the Making Tax Digital system has been delayed for some companies due to the complexity of the system, customer concerns and Brexit complications. HMRC recently invited over half a million businesses to join the a newly launched MTD pilot for the new online VAT service ahead of new rules coming into force in April 2019.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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