Latest Update – October 2018
Recently HMRC have announced a deferral in Making Tax Digital for VAT, but only for what they are calling ‘complex customers’. The chances are that this does not affect your business and April 2019 is still the deadline. The ‘complex customer’ bracket only covers a small minority of UK businesses.
The following kinds of businesses are included within the deferral…
- ‘Not for profit’ organisations that are not set up as a company
- VAT divisions and VAT groups
- Public sector entities
- Local authorities
- Public corporations
- Traders based overseas
- Those required to make payments on account
- Annual accounting scheme users.
The deferral itself is not mandatory and businesses within these categories may start using the MTD API in April 2019 if they choose to. If you want clarification, need to get your business MTD ready, or think you may be able to defer MTD then contact us today.