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MTD considerations

 

Making Tax Digital for VAT - Main issues for consideration

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  1. Changes to record keeping – Businesses in scope will no longer be able to keep manual records. Digital records must be maintained in what is defined as ‘functional compatible software’ which can connect to HMRC
  2. Changes to VAT return submission – VAT returns can no longer manually entered on the VAT return figures onto the HMRC portal. The figures from the accounting software should not be manually rekeyed into another package (say) a spreadsheet, which would ordinarily deal with VAT adjustments or combination of data sources, but those figures should be transferred digitally. There will be a “soft landing” in the first year of MTD, allowing more time for these digital links to be put in place. ‘Cut and paste’ (and ‘copy and paste’) can still be used during the soft landing period but not beyond 31 March 2010.
  3. Timing – MTD for VAT is still expected to take place on 1 April 2019, which is the same time as the UK leaves the EU. Uncertainty around the VAT treatment of transactions between the UK and EU will inevitably arise. and businesses will need to both understand the tax-technical changes to the rules, and ensure that their accounting systems deal with such transactions correctly.
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Making Tax Digital Considerations
Title
Making Tax Digital Considerations
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Click on logo for video on Making Tax Digital for VAT - Main issues for consideration include: 1. Changes to record keeping 2. Changes to VAT return submission 3. Timing of Making Tax Digital

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