News Jessica Fino 17 Oct 2018 10:08am
HMRC has launched a pilot for its online VAT account for UK businesses as allotment of its Authoritative Tax Agenda (MTD) programme
The pilot will accommodate added than bisected a actor businesses, the Revenue said, but it estimates there are about one actor registered for VAT with a taxable about-face aloft £85,000 that will charge to accumulate agenda VAT annal and book allotment application MTD-compatible software from April 2019.
A baby cardinal of businesses with added circuitous requirements will accept a added six months to prepare, HMRC said.
MTD for VAT will accredit businesses to administer their tax and save time. HMRC hopes the arrangement will accredit it to become one of the best digitally avant-garde tax authorities in the world.
Mel Stride, banking secretary to the Treasury, said, “HMRC is transforming the tax administering so that it’s added effective, added able and easier for taxpayers. Today’s advertisement agency that about bisected a actor businesses will be able to accompany MTD and alpha filing their VAT allotment online authoritative it easier to get their tax appropriate aboriginal time.”
“More and added businesses use agenda accoutrement every day to advice them accomplish – tax shouldn’t be different. This is a above footfall appear bringing VAT into the 21st century.”
Meanwhile, Theresa Middleton, administrator for MTD for Business, added that application agenda accoutrement to advice businesses administer income, costs and tax will advice them bigger ascendancy their finances.
The aboriginal pilot of MTD for VAT launched this April for a baby cardinal of arrive businesses. After “successfully” testing the process, the Revenue has now opened it to sole traders and companies that are up to date with their VAT.
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