We may have experienced the presentation of one of the shortest Finance Bills on record. Indeed, most of the content bedded-in previously announced changes.
We were informed that the Making Tax Digital filing threshold is to remain at £10,000, but unincorporated businesses with turnover below the current VAT registration limit will not need to upload accounts data until April 2019. Tongue in cheek, the MTD for businesses team at HMRC have announced this and followed on by suggesting that smaller businesses might be willing to register voluntarily from April 2017, to help test HMRC’s systems.
They go on to say:
We will expand our initial user software testing with hundreds of thousands of businesses expected to be involved by April 2019. In this way we can all ensure the new software is user-friendly, works well with HMRC’s systems and give individuals and businesses time to prepare and adapt. We will also test our support model during this period.
There is no doubt that this change will be the most far-reaching transformation of tax reporting since the introduction of self-assessment twenty years ago. Time to get up to speed?
Practitioners who would like to be involved in the beta-testing process, and therefore keep abreast of what can be expected from April 2018, can contact the MTD team at firstname.lastname@example.org.
My company, Informanagement, provides staff training material and has already added tutorials covering MTD. If you would like me to show you what we can offer, call me or send me a DM.