LATEST UPDATE: Entering the Public Beta Phase
Today 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
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.
From April 2019 you must submit your VAT return via compatible software
From April 2019 most businesses will be required to keep their records digitally and update HMRC quarterly with summary data from their software. This Hub has been set up to provide you with useful information about MTD. It will include regular updates from our MTD Consultant, Anne Cianchi, a Chartered Accountant and tax specialist with a focus on the agricultural industry.
This content is suitable for accountants and farm business consultants who use and work with Farmplan software and our customers.
If you’d like to read more about MTD, please visit HMRC website.
What are Farmplan doing about MTD?
We are working closely with HMRC to ensure that our software seamlessly meets their reporting requirements.
We hired a specialist, in-house consultant, Anne Cianchi is a Chartered Accountant with a detailed knowledge of tax rules and has spent the last 2 years working with Farmplan’s customers.
We continue to work with major accounting bodies, together with the ICB, IAgSA, NFU and farmers to ensure our solution not only meets the requirements of HMRC, but also fully meets the needs of our rural users.
Does MTD apply to my business?
- All unincorporated businesses (sole traders and partnerships) with a turnover between £85,000 (i.e. the VAT threshold) and £10 million from April 2018
- Businesses with a turnover between £10,000 and £85,000 are postponed until April 2019
- Incorporated businesses and larger unincorporated businesses from April 2020
MTD Frequently Asked Questions
Do you need cloud based software? What actions will you need to take?
Implications for VAT
As HMRC continue to push ahead with Making Tax Digital, our MTD consultant Anne Cianchi takes a look at how these regulations will affect the way we process VAT…