LATEST NEWS – Making Tax Digital for VAT
Entering the Public Beta Phase
Today (October 16th) HMRC announced that they are now opening up the MTD for VAT Beta pilot to any business
- using MTD compliant software
- which also meets the eligibility criteria.
MTD Compliant Software
HMRC have currently only recognised 23 software packages as being MTD ready, and we are delighted to be able to confirm that Farmplan (Business Manager, Cash Manager and Cash Focus) is one of them.
You can find the complete list of compliant software here.
At present this opportunity is only being offered to
- Sole Traders
- Limited Companies
You will not be able to take part in the pilot at the moment if you:
- are a trust or charity
- are part of a VAT group or VAT Division
- have ever traded with the EU
- are based overseas
- are a partnership
- are a public corporation
- submit annual returns
- make VAT payments on account
- use the VAT Flat Rate Scheme
- are a business that is newly registered for VAT and you have not previously used your VAT online account to submit your VAT Return
- have incurred a default surcharge in the last 24 months
If you pay your VAT by Direct Debit you will not be able to sign up in the 15 days leading up to your submission date.
This pilot will be opened to more businesses in due course. We will keep you informed of changes to the criteria as and when they happen.
If you think that you meet the criteria and would like to Go Live with MTD for VAT please contact Farmplan. Do not sign up with HMRC until you have checked with us as we will need to issue you with the MTD compliant software and will need to ensure that we have the resources in place to support you through this transition. To find out more about MTD and Digital VAT, click here.
Tel: 01594 545022