Making Tax Digital’s (MTD) deadline is looming, with companies above the turnover threshold of £85,000 well underway when it comes to training their staff to use MTD compliant software.
The MTD pilot has been open since October last year for businesses that met certain criteria and has since widened that criteria to allow more and more businesses to join.
Most recently, HMRC has extended the pilot to partnerships and those who use the VAT flat rate schemes.
This extension allows sole traders, partnerships, and those that currently submit a VAT Return for a limited company can now get involved with the MTD pilot and ensure that their business is ready for April 2019 when the new system comes into effect.
Those under the £85,000 VAT turnover threshold don’t need to be fully compliant until April 2020, but it is still suggested that they prepare as soon as possible.
To join the pilot you still must use the standard yearly period of accounting and be caught up on all VAT payments, however.