A pilot for a new making tax digital (MTD) for VAT service has been launched, with HMRC inviting more than half a million businesses to try it ahead of new rules coming into force in April 2019. The pilot opens today for around half a million businesses whose affairs are up to date and straightforward, and will extend to most other business types over the coming months.
From 1 April 2019, around 1m businesses registered for VAT with a taxable turnover above £85,000 will need to keep their VAT records digitally and file their returns using MTD-compatible software. HMRC will give a small group of customers with more complex requirements a further six months to prepare. This will ensure there is sufficient time for testing the service with them in the pilot before they are required to join.
A pilot for a new making tax digital (MTD) for VAT service has been launched, with HMRC inviting more than half a million businesses to try it ahead of new rules coming into force in April 2019. The pilot opens today for around half a million businesses whose affairs are up to date and straightforward, and will extend to most other business types over the coming months.
From 1 April 2019, around 1m businesses registered for VAT with a taxable turnover above £85,000 will need to keep their VAT records digitally and file their returns using MTD-compatible software. HMRC will give a small group of customers with more complex requirements a further six months to prepare. This will ensure there is sufficient time for testing the service with them in the pilot before they are required to join.
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