MTD for VAT – pilot extended to all eligible businesses

7th February 2019

 

HMRC has extended its Making Tax Digital for VAT (MTDfV) pilot scheme to all eligible businesses.

For most businesses, compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. However, MTDfV for some ‘more complex’ businesses has been deferred until 1 October 2019. This deferral applies to: trusts; not for profit organisations not set up as companies; VAT divisions; VAT groups; public sector entities such as government departments and NHS Trusts, which have to provide additional information on their VAT return; local authorities; public corporations; traders based overseas; those required to make payments on account; annual accounting scheme users.

 

Commenting on the pilot scheme, Clare Sheehan, Deputy Director for MTD for Business, said:

‘The MTD pilot is now available to all businesses who will need to use the service from April. This marks a significant milestone towards our delivery of a modern tax administration.’

‘We encourage all eligible businesses to join and try out the service before they are mandated to use it.’

 

HMRC has also confirmed that Brexit will not affect the introduction of MTDfV. In a recent letter, Jim Harra, Deputy Chief Executive of HMRC, wrote:

‘Our system is already live and by the end of February we’ll have written to every affected business, encouraging them to join the thousands of others who have registered.’

 

Please contact us for help with MTDfV.

 

Internet link: GOV.UK publications



 
Other items in Blogs
 
Vanessa Pearson
26th March 2021 6 April: A Guide to Off-Payroll Working Tax Rules

The proposed new rules apply regarding who determines IR35 status for freelancers hired by medium and large companies are imminent. Our Brief Guide will help find out how this affects you and what you can do: A Brief Guide to Off-Payroll Working Blog entry by: Vanessa Pearson

Read More »

Ben Kilby
25th March 2021 I hear a rumour…

I hear a rumour that Lloyds Agricultural banking team based in Edinburgh has been disbanded and merged within other teams around the country. Although some within the new regional teams may have some knowledge of agriculture it has been suggested that customers felt that this was not important. It seems that the agricultural specialism within…

Read More »

Fiona Mann
24th March 2021 Making Tax Digital – the next steps

Our MTD Group have produced Issue 5 of their newsletter giving details of Making Tax Digital (MTD) as it continues.   So if you are unsure of what to do next, our newsletter has information and advice how to proceed.  Don’t delay however as penalties will be introduced if submission deadlines are missed.   W&P_MTD5…

Read More »

Amanda Newman
18th March 2021 Holding residential lettings in a company

There has been an ongoing debate since the government started to reduce tax relief available on mortgage interest that having property in a company could be more beneficial.   In order to transfer the property from personal ownership there could be a CGT charge depending on the difference in value from when you bought it…

Read More »

Steven Denton
18th March 2021 Changes to Coronavirus Job Retention Scheme (Furlough) from July 2021

As you will know by now, in the budget speech of 3rd March 2021, the government announced the extension of the current furlough scheme until September 2021. Further guidance has now been issued as to how the scheme will operate.   Firstly, for periods starting after 1st May, you can claim furlough for any employee,…

Read More »

Sue Edwards
18th March 2021 The Benefits of Outsourcing Payroll

As chartered accountants, with over 90 years’ experience in the finance industry, outsourcing the payroll, to us, is something all businesses should consider.  Running a payroll is very time consuming so let someone else take the burden from you, here are the top 5 great reasons for outsourcing your payroll: COST Time is quite literally…

Read More »