HMRC has announced it is working with more than 150 software suppliers who have said they’ll provide software for Making Tax Digital (MTD) for VAT in time for April next year.
More than 40 of them have said they will have software ready for the first phase of the pilot project.
That’s when the taxman will test the service with small numbers of invited businesses and agents.
HMRC says that other software suppliers will follow. The pilot will be opened up to allow more businesses and agents to join later.
The countdown is now well and truly on. As part of MTD, businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 will need to keep VAT records digitally and file their VAT returns using MTD compatible software.
This will start from their first VAT period starting on or after April 1 next year.
Businesses with a taxable turnover below the VAT threshold will not have to operate MTD, but can still choose to do so voluntarily.
VAT Notice 700/22: Making Tax Digital for VAT provides information to customers and adds to amendments to the VAT Regulations made earlier this year.
HMRC is now advising businesses to check their existing software supplier to find out if they’ll be supplying suitable software before or after the pilot, or contact one of the following:
And it is also putting together a list of those taking part in the tests, which we’ve reproduced below.
WNJ also has a dedicated team which we have put together to address MTD issues and to help our clients chose, install and train how to best use the different software on offer.
The aim of the team is to help clients use the software that is most appropriate for them; not just to comply with MTD requirements and VAT Return filing.
We are also working with The Business Clinic organisation in Preston to present a seminar on cloud accounting and MTD which is planned for November 21. More details will be given in next month’s newsletter.
In the meantime to discuss how we can help on any aspect of MTD and how it will impact on you please contact me on 01772 430000.
The HMRC list:
• Absolute Accounting Software Ltd
• Access Group
• Acorah Software Products Ltd (TaxCalc)
• Advanced Computer Software Group Limited
• Anagram Systems
• Arkk Solutions
• Capium Limited
• Cirrostratus – Exedra
• Clear Books plc
• DC Software
• Deloitte LLP
• DTracks Limited
• Easy Books
• Essentia Global Services
• Exel Computer Systems plc
• Forbes Computer Systems
• GoSimple Software
• Grant Thornton UK LLP
• Ibcos Computers Limited
• Intuit – QuickBooks
• KAI Consulting
• Landmark Systems Ltd
• Liquid Accounts
• MAM Software Limited
• Motor Trade Technologies Limited
• My Digital Accounts
• Neilson James Technology
• Quickfile Accounting Software
• Road Tech Computer Systems Ltd
• Ryan Tax Services UK Limited
• Sage (UK) Limited
• SDA Logic Limited
• Simplifi-HQ Limited
• Tax Automation Limited
• Tax Optimiser
• Tax Systems plc – AlphaVAT
• Thomson Reuters – ONESOURCE
• Thomson Reuters – Onvio
• Tyresoft Ltd
• Wolters Kluwer
• Zoho Books