Update – Making Tax Digital (MTD) for VAT

Date posted: 16th Oct 2018

Deferred but only for a minority of businesses until October 2019.

1 April 2019 main deadline presses ahead as planned.

The 6-month deferral applies to customers who fall into one of the following categories: trusts, ‘not for profit’ organisations that are not set up as a company, VAT divisions, VAT groups, those public sector entities required to provide additional information on their VAT return (Government departments, NHS Trusts), local authorities, public corporations, traders based overseas, those required to make payments on account and annual accounting scheme users. The deferral will apply to around 3.5% of mandated customers.

It is important to note that MTD for any business with taxable turnover over £85,000 will be mandated to submit their VAT returns via API/accounting software with effect from 1 April 2019. They will not be able to submit VAT returns commencing after that date via the gov website.

The complexity of this challenge to businesses should not be underestimated and we urge businesses to engage with us to achieve this.

For more details visit the HMRC website  or contact us for more information.

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