{"id":2790,"date":"2018-10-17T09:08:22","date_gmt":"2018-10-17T08:08:22","guid":{"rendered":"https:\/\/www.accountinginsightnews.co.uk\/?p=2790"},"modified":"2018-10-17T09:08:22","modified_gmt":"2018-10-17T08:08:22","slug":"mtd-pilot","status":"publish","type":"post","link":"https:\/\/www.accountex.co.uk\/insight\/2018\/10\/17\/mtd-pilot\/","title":{"rendered":"MTD\u00a0VAT pilot takes a huge stride"},"content":{"rendered":"
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It’s happening! Half a million UK businesses can now sign up to the HMRC’s making tax digital<\/a> <\/strong>for VAT pilot.<\/p>\n

Another 100,000 will be able to join by the end of the month.<\/p>\n

That’s ahead of next April when about a\u00a0million businesses registered for VAT with a taxable turnover above \u00a385,000 will need to keep their VAT records digitally and file their returns using MTD-compatible software.<\/p>\n

This significant step for the whole MTD programme<\/a><\/strong> was announced online yesterday.<\/p>\n

Join the pilot as soon as you can<\/h3>\n

HMRC advises: “Eligible businesses and agents shouldn\u2019t leave preparations to the last minute and are encouraged to join the pilot as soon as they can.”<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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The pilot is now open for firms whose”affairs are up to date and straightforward, and will extend to most other business types over the coming months”.<\/div>\n
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HMRC<\/abbr> has also listened to concerns and will give a small group of customers with more complex requirements a further six months to prepare. “This will ensure there is sufficient time for testing the service with them in the pilot before they are required to join.”<\/div>\n

Tax right first time<\/h3>\n
Mel Stride MP, financial secretary to the Treasury<\/a>, says:\u00a0HMRC<\/abbr> is transforming the tax administration so that it\u2019s more effective, more efficient and easier for taxpayers. Today\u2019s announcement means that around half a million businesses will be able to join Making Tax Digital and start filing their VAT returns online, making it easier to get their tax right first time.”<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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More and more businesses use digital tools every day to help them operate \u2013 tax shouldn\u2019t be different. This is a major step towards bringing VAT into the 21st century.<\/p>\n<\/blockquote>\n

Theresa Middleton (pictured), director for Making Tax Digital for Business, adds: “Millions of people are already banking, paying bills and interacting with their suppliers and customers online. Using digital tools to help businesses manage their business income and expenses and get their tax right builds on this momentum and will also help them get more control over their finances.”<\/p>\n

Background information<\/h3>\n

HMRC<\/abbr>\u2019s ambition is to become one of the most digitally advanced tax administrations in the world and Making Tax Digital is making fundamental changes to the way the tax system works \u2013 transforming tax administration so that it is:<\/p>\n