Members should be aware that HMRC is contacting clients directly about their MTD obligations
HMRC has started issuing letters to eligible businesses to inform them of their MTD obligations. Members might find it annoying as these letters are going directly to their clients without their knowledge.
As these businesses may be relying on their agents to make help make them MTD compliant, it is advisable to contact all MTD-eligible clients to warn them about the possibility of receiving a letter and to speak to them about their preparations.
HMRC expects about 200,000 businesses to join MTD from April 2019; it has issued letters to around 20,000 businesses and will be recording the impact of these before sending out further batches in the next few days.
Mainly these letters highlight:
Currently the MTD pilot scheme is open to:
The MTD pilot is not yet available (but will be soon) to those who:
According to the HMRC timeline, businesses with a default surcharge within the last 24 months will be able to join the pilot by the end of October 2018.
ACCA has partnered with Bloomsbury Professional Publishing to provide members with free practical guidance on MTD VAT implementation. This tracker has been designed exclusively for ACCA members and is regularly updated with new sections.
Interested members are able to sign up to the MTD Tracker for more explanation on various related questions.