Making Tax Digital pilots and webinars available
Posted on in Business News , Cycles News , Political News
HMRC has the ambition to become one of the most digitally advanced tax administration in the world with Making Tax Digital (MTD). Businesses and agents are increasingly recognising the benefits of digitisation and MTD plans to make fundamental and crucial changes to the way the tax system works. Tax systems will become more effective, efficient and easier for taxpayers to get their tax right.
What will MTD mean for businesses?
Businesses will be able to devote more time, attention and energy to maximising business opportunities, grow and implement good financial planning.
What is MTD?
Businesses with a taxable turnover above the VAT threshold of £85,000 are required to keep VAT records digitally. Submission of VAT returns will need to be done using MTD-compatible software.
MTD allows for the digitisation of the VAT return process to reduce the tax gap and support businesses in staying on top of their tax affairs.
Ahead of the implementation of MTD, HMRC is holding webinars for businesses on:
- How to prepare their business
- Information on registering for the Public Beta Pilot.
Read the full story here.
The next webinars will be held on the 22nd of January at 11am, 1pm and 3pm.
The government is also offering MTD pilots, find all the guidance you need here and sign up for MTD pilots here.
MTD pilots for VAT will open early 2019 to partnerships and those customers who trade with the EU.