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Public pilot of Making Tax Digital for VAT opens

HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT.

The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years.

Some other groups will need to wait to join, including those:

• trading with the EU;
• based overseas;
• submitting VAT returns annually;
• making payments on account;
• using the VAT Flat Rate Scheme; or
• who have never submitted a VAT return in the past will need to wait to join.

HMRC has also announced that a small number of the most complex businesses will have a six-month deferral to October 2019 before they need to comply with the requirements of MTD for VAT.

MTD for VAT will require businesses with turnovers of £85,000 or more to keep digital records and make quarterly digital submissions to HMRC using ‘designated software packages’ from next April.

Link: MTD for VAT shifts to public pilot

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