MTD for VAT: Pilot now open to all affected businesses
14 January 2019
The Making Tax Digital for VAT pilot has been extended by HMRC, meaning that all customers mandated to use the service from April 2019 are now able to access the pilot.
The Association of Accounting Technicians (AAT) has reported that the pilot so far appears to be going successfully, (according to HMRC) with over 3,500 businesses having already joined it with the number of daily sign-ups now exceeding 100.
Other VAT businesses that are mandated to join from October 2019 are seeing the pilot scheme gradually open up to include those firms as well.
All 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.
HMRC is reportedly urging “as many eligible businesses as possible” to take part in the pilot ahead of the April mandation.
AAT has produced a detailed guide to help accountants and bookkeepers prepare their clients for the first implementation phase of Making Tax Digital.