MTD Stakeholder pack updated for VAT and Income Tax
22 October 2018
The vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) will be mandated to keep digital VAT records and send returns using Making Tax Digital (MTD) compatible software from April 2019.
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 communication pack seeks to provide support HMRC 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. HMRC look to explain a little more about who can join, and when, in the pack.
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). Information to explain how to get involved on a voluntary basis.
Answers have been provided to the most frequently asked questions that businesses and agents have for HMRC about signing up for MTD and starting to use software to keep digital records and have committed to providing updates to this information.