MTD for VAT: Pilot now open to all affected businesses 15 January 2019
The Making Tax Digital for VAT pilot has been extended by HMRC, meaning that all customers mandated to use the service from April 2019 are now able to access the pilot.
The Association of Accounting Technicians (AAT) has reported that the pilot so far appears to be going successfully, (according to HMRC) with over 3,500 businesses having already joined it with the number of daily sign-ups now exceeding 100.
Other VAT businesses that are mandated to join from October 2019 are seeing the pilot scheme gradually open up to include those firms as well.
All VAT registered entities with an annual VAT-able turnover of £85,000 or more will now therefore have the chance to test their accounting systems, prior to them being required to keep a digital record of their VAT transactions from 1 April 2019 onwards.
HMRC is rightly urging “as many eligible businesses as possible” to take part in the pilot ahead of the April mandation.
AAT has produced a detailed guide to help accountants and bookkeepers prepare their clients for the first implementation phase of Making Tax Digital.
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Which software packages support the Making Tax Digital pilots 18 January 2019
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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Making Tax Digital for Business 14 February 2019
Most VAT-registered businesses with a taxable turnover above the VAT threshold (currently £85,000) are required to keep digital VAT business records and send VAT returns using Making Tax Digital-compatible software from 1 April 2019. HMRC’s ‘Making Tax Digital for Business – stakeholder communications pack’ provides information for stakeholders, who can use the contents to inform their own communications activity and key messages for their clients, customers and members.
The following questions have been added to the FAQ section:
What does the ‘soft landing’ period actually mean? Does it cover all penalties for MTD?
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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