Making Tax Digital for Business - stakeholder communications pack
10 January 2019
HMRC has updated their communications pack which has important information to support businesses that need to make the transition to digital VAT business record keeping and submission of VAT returns using MTD-compatible software from 1 April 2019.
The vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (currently £85,000) are required to keep digital VAT business records and send VAT returns using Making Tax Digital (MTD)-compatible software from 1 April 2019.
Following the ministerial announcement in 2017, MTD will not be mandated for other taxes until at least April 2020, but businesses can get involved in the Income Tax pilot now on a voluntary basis.
This Making Tax Digital for Business - stakeholder communications pack supports HMRC’s partnership working arrangements with stakeholders, who can use the contents to inform their own communications activity and key messages for their clients, customers or members.
MTD for VAT – the pilot is now open for VAT businesses and their agents who are mandated to use the service from April 2019.
MTD for Income Tax – this pilot is available for the self-employed with income from one source of self-employment and landlords (except those with furnished holiday lettings).
Full details are within the guidance on Making Tax Digital for Business - stakeholder communications pack.