Making Tax Digital Update: Less than 3 months to go…

With MTD going live in less than 3 months, HMRC have now opened up their MTD public beta

This month marked a notable change in pace from HMRC who have now opened up the MTD Public Beta to all business types mandated from April 2019. This includes Sole Traders, Limited Companies and Partnerships, quarterly and monthly returns and those with EU transactions. This means that any of these businesses wishing to start filing their VAT returns via MTD can apply to do so.

However, before signing up it is important to ensure you have MTD software in place, as once accepted onto this scheme, you will be required to make all future VAT submissions via MTD.

Advice from HMRC:

Do not sign up to the pilot until you are ready. If you intend to file any returns using the portal or non-MTD enabled software do not sign up to use MTD until you have submitted your final return via the legacy route.

If you would like a copy of our MTD compliant software in order to take part in this pilot, please contact the Farmplan team on 01594 545022 who will be happy to help.

If you’re not already a Farmplan customer why not have a look at our range of MTD compliant software solutions here or call our friendly sales team on 01594 545000 to find out more.

MTD for VAT – Agents
If you are an Agent it is important to note that you will need to set up a new Agent Services Account (ASA) before signing up you businesses up for the MTD pilot, Agents.

Agents will be able to use their new ASAs to act on behalf of their clients to:

1. Submit VAT returns
2. Change your client’s business details for VAT
3. Send Income Tax Updates as part of HMRC’s MTD pilot
4. Register a trust online
5. Register an estate online for someone who has died

For more details please see https://www.gov.uk/guidance/get-an-hmrc-agent-services-account
Please note Agents will still need their old Government Gateway accounts to access other HMRC Services.

Deferred Businesses
Mandation for a small number of complex businesses has been deferred to October 2019. These include Trusts, Local Authorities, Government Departments, VAT Groups and VAT Divisions. If mandation for your business has been deferred you will have received a letter from HMRC informing you of your deferral. The exception to this is businesses that are based overseas, which will be receiving letters over the next few weeks.

As part of this change in pace, HMRC is also writing to all businesses affected by MTD for VAT and anticipate having completed this by early February. In the meantime if you want to find out more about MTD why not visit our free MTD hub here: https://farmplan.co.uk/mtd/