January 16th, 2019.
HMRC has extended its Making Tax Digital for VAT (MTD-VAT) pilot, meaning that all customers mandated to use the MTD service from April are now able to access the pilot. All Value Added Tax (VAT) registered entities with an annual VAT-able turnover of £85,000 or more will now therefore have the chance to test their accounting systems, prior to them being required to keep a digital record of their VAT transactions from 1 April 2019 onwards.Under Making Tax Digital businesses are required to keep digital VAT business records and send returns using Making Tax Digital (MTD)-compatible software. Businesses with a taxable turnover below the VAT threshold can also sign up for MTD for VAT voluntarily.
HMRC encourages all businesses to join the pilot saying it will ‘help you prepare for these changes sooner and your feedback will also help to shape the service as it continues to develop.’
Over 3,500 businesses have already......
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