Making Tax Digital for VAT

From 1 April 2019, businesses will be mandated to use the MTDfB system to meet their VAT obligations under MTDfV.

This only affects businesses with a taxable turnover above the VAT threshold (currently £85,000).

They will be required to use MTDfV, however HMRC has been piloting the new system, on a small scale, from April 2018.

HMRC is currently working with over 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019.

HMRC has reported that over 40 suppliers will have software ready during the first phase of the pilot and other software suppliers are expected to follow.

They will open up the pilot to allow more businesses to join later in 2018.

The list or suppliers will be updated as more software meets the criteria.

HMRC advises businesses to check with their existing software supplier to find out if they will be updating current software or supplying suitable alternatives.

Contact us for help with Making Tax Digital for VAT.

Source link: GOV.UK software suppliers

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