On Friday 13 July 2018 HMRC released the following further information relating to Making Tax Digital (MTD) for VAT:
- A final version of VAT Notice 700/22: Making Tax Digital for VAT
- A list of MTD for VAT approved software suppliers.
- A ‘stakeholder communications pack’
VAT Notice 700/22 sets out the detailed requirements of MTD for VAT, including record keeping and digital links. It also confirms that there will be a soft landing period for certain aspects of the MTD for VAT process during the first year. For VAT periods commencing between 1 April 2019 and 31 March 2020, businesses or groups who use more than one software programme to keep their VAT records and prepare and file returns will not be required to have digital links between those software programmes. However, the exception to this is where data is transferred to another product solely for the purpose of submitting the VAT return data to HMRC – this transfer must be digital even during the soft landing period. This may be relevant for those using a spreadsheet together with bridging software.
Further information on MTD can be found here on the ATT website.
If you have any comments or queries relating to these documents or MTD more widely please email these to atttechnical [at] att.org.uk.