HM Revenue & Customs is searching for a select number of businesses to take part in its Making Tax Digital for VAT pilot set to start in April 2018.
This Making Tax Digital pilot will be used by HM Revenue & Customs (HMRC) to monitor the progress of the VAT returns system and make sure it is working as expected before the new service is rolled out further afield.
As part of the trial, businesses will submit their VAT return using the new digital system with HMRC providing help if businesses need it.
In return those taking part can will be able to:
• Test the new system before anyone else
• Practise using the service ahead of it becoming mandatory
• Be kept up to date with HMRC’s service developments
• Help influence how the final service will looks and feel
HMRC has stated that those businesses taking part will not face greater scrutiny or additional compliance checks and any monitoring is for testing purposes only. Returns successfully submitted through the new system will receive the same checks as they were submitted through the current system.
Businesses can leave the trial whenever they wish.
A spokesman for HMRC said: “As this is a new system, there may be some technical hiccups. HMRC has promised to do its best to address these swiftly, but if for whatever reason you find you no longer want to take part in the trial, you are free to leave at any time.”
HMRC will work with a suitable supplier to ensure those business who don’t already use software have access.
From 1st April 2019, VAT registered businesses with a turnover above the VAT threshold will have to maintain their business records digitally and submit their VAT return using the new system.
Jo Nockels, Senior Training & Technical Communications Manager at TaxAssist Accountants, said: “At TaxAssist we are working with various software developers to help ease the transition to Making Tax Digital for our clients. Our offices will also be taking part in the Making Tax Digital trial, which will ensure that we are at the forefront of developments and will know exactly how the process will work. This should minimise the impact of Making Tax Digital on our clients – it will be business as usual as far our clients are concerned.”
Your local TaxAssist Accountant will work with you to prepare for Making Tax Digital as we've spent a great deal of time training and developing the right support services to help small businesses through this period of change.
If you would like us to help you through these changes then call us today on 01934 429663 or contact us online here to arrange a free initial consultation.
Those interested in taking part in the trial should contact HMRC at makingtaxdi[email protected]. HMRC will then reply with a request to complete a short survey to help establish specific features about your business to manage the trial period.