MTD for VAT reporting
There have been several documents published over the last few months on the subject of Making Tax Digital for VAT.
The following article, dated 30 October 2017, from the Chartered Institute of Taxation (www.tax.org.uk/policy-technical/technical-news/making-tax-digital-vat-main-issues-consideration) summarises the key points of the changes that are being proposed.
The headline challenges will be significant for some businesses, particularly the requirement to use an API to connect to HMRC and possibly more significantly the requirement for VAT returns to be submitted to HMRC via 'functional compatible software', and not by entering VAT return figures onto the HMRC portal.
Just before Christmas draft VAT regulations, and a notice to require taxpayers to comply with MTD reporting, were released for consultation.
The deadline for commenting on the proposals is 9 February 2018, therefore,
if you will be affected by these changes you can respond by emailing firstname.lastname@example.org
you can add your comments to the following article published by accountingweb (www.accountingweb.co.uk/tax/hmrc-policy/mtd-mix-and-match-of-vat-software-allowed), who will include comments in their submission.
This is our opportunity to influence the MTD rules for VAT.