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Making Tax Digital (MTD) is a government initiative to update how HMRC collects and processes agents and tax payers data, transforming from paper and online to digital. The primary aim of MTD is to make filing returns easier by utilising data already held by HMRC/tax payer/agent and making this a more efficient process.
MTD for VAT, is the next focus for MTD and the government focusing on how it handles the data coming in from VAT returns.
The current minimum requirements for submitting a VAT return to HMRC are:
So far the deadlines are:
Companies (including sole traders) whose turnover is below £85k registration threshold can carry on to submit their VAT returns using the online portal. They can also voluntarily submit their returns using the MTD portal.
Companies with more complicated VAT requirements are being deferred for MTD until October 2019 while further testing of software is undertaken. These are companies that fall into the following categorises are:
LB Group are currently trialling CCH software, which has the capability to submit clients returns using Excel, Xero, Sage etc. data by connecting to the clients account systems. There will be a further update on this when we have made a decision on this.
LB Group Limited registered in England © 2019 Company Number: 2796741. Associate Directors are not statutory directors of the firm.
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