Making Tax Digital – new and updated guidance

HMRC has published a number of updated and new pieces of guidance on Making Tax Digital. These are as follows:

Updated – Making Tax Digital for Business – stakeholder communications pack – here – the following two FAQs have been added at the end of the pack –

  • ‘What does the ‘soft landing’ period actually mean? Does it cover all penalties for MTD?’
  • ‘Are there any penalties for not complying with MTD? What happened to HMRC not coming down hard on those trying their best?’

 

Updated – Making Tax Digital – here – the timeline table on the 'Overview' page has been updated, essentially removing older dates which have passed.

New – A new video has been added to HMRC’s help and support page entitled ‘How does Making Tax Digital for VAT effect you?’.

New – Sign up for Making Tax Digital for VAT – here – this provides guidance for businesses and agents on how to sign for Making Tax Digital for VAT, to submit VAT Returns digitally.

New – Check when a business must follow the rules for Making Tax Digital for VAT – here – This provides guidance on if and when businesses need to follow the rules for Making Tax Digital for VAT.

New guidance specifically for agents (some of which are on a new Agent services account page here)

  • Making Tax Digital for VAT as an agent: step by step
  • Create an agent services account
  • Sign in to your agent services account
  • Update your client's details for Making Tax Digital for VAT
  • Link clients to your agent services account

Importance?

Whilst MTD for most complex businesses is deferred by six months the requirements for MTD for VAT are nonetheless approaching fast. Most deferred businesses should have received confirmation of deferral. Any who believe they meet the deferral criteria and have not received confirmation of deferral by letter should contact HMRC.