Public pilot of Making Tax Digital for VAT opens

Business News

Warning: count(): Parameter must be an array or an object that implements Countable in /home/customer/www/gibsonhewitt.co.uk/public_html/wp-content/plugins/q-and-a/inc/functions.php on line 252

HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT.

The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years.

Some other groups will need to wait to join, including those:

  • trading with the EU;
  • based overseas;
  • submitting VAT returns annually;
  • making payments on account;
  • using the VAT Flat Rate Scheme; or
  • who have never submitted a VAT return in the past will need to wait to join.

HMRC has also announced that a small number of the most complex businesses will have a six-month deferral to October 2019 before they need to comply with the requirements of MTD for VAT.

MTD for VAT will require businesses with turnovers of £85,000 or more to keep digital records and make quarterly digital submissions to HMRC using ‘designated software packages’ from next April.

Link: MTD for VAT shifts to public pilot

SHARE THIS ARTICLE: