There was understandably a lot of discussion at Accountex 2019 around Making Tax Digital (MTD), with the show opening just one month after MTD for VAT was mandated (as of 1 April 2019).
To attempt to discern the landscape now and in the future, for both businesses and accountants, Sage attended the keynote speech given by Theresa Middleton, HMRC’s director of Making Tax Digital for Business.
She was assisted when answering audience questions by Claire Williams, digital delivery team manager for MTD at HMRC. They also caught up separately with Verna Gellvear, from HMRC’s MTD Customer Readiness and External Stakeholder Team (CREST), to get her input.
What the HMRC representatives said has been condensed into answers to 10 important Making Tax Digital questions:
- When is MTD for Income Tax starting?
- When is MTD for Corporation Tax starting?
- When will MTD for VAT be mandated for VAT-registered businesses below the VAT threshold?
- What businesses are excluded or exempt from MTD for VAT?
- Can a business be deferred from MTD for VAT?
- Will a business get fined if a mistake is made with MTD for VAT?
- What can businesses do if they can’t afford (or refuse to purchase) MTD for VAT software?
- How can businesses and accountants keep up with MTD developments?
- Why should a business embrace MTD?
- Why should accountants embrace MTD?
To read the full article, go to: Sage Making Tax Digital