HMRC has published the Making Tax Digital for VAT Guide, the Software Suppliers Supporting Making Tax Digital List, and HMRC Stakeholders Communication pack on the GOV.UK website. All can be found on the MTD for VAT collection page.
The notice gives guidance on digital record keeping and should be read in conjunction with other VAT notices.
- HMRC notes that more than 150 software suppliers have stated their interest in providing software for Making Tax Digital for VAT. Currently, there are just over twenty developers with VAT-MTD ready products.
- Of the 150, over forty have said they’ll have software ready during the first phase of the VAT-MTD pilot.
- The pilot will be opened to allow more businesses and agents to join later this year.
There is also the MTD for Business – Stakeholder Communications pack, which is intended to support businesses that need to make the transition to digital VAT business record keeping as well as the submission of VAT returns using MTD-compatible software from 1 April 2019.
If your business is above the VAT turn-over threshold of £85,000, please discuss with your accountant how QuickBooks Online can help get you ready to file for MTD for April 2019.