Making Tax Digital for VAT (MTD)
What is Making Tax Digital?
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers.
Making Tax Digital for business (MTDfb) begins on 1 April 2019 with MTD for VAT. From that date, VAT-registered organisations above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software.
For further information see the HMRC Website:
- HMRC Making Tax Digital for VAT: legislation overview
- HMRC VAT Notice 700/22: Making Tax Digital for VAT
Note: HMRC have delayed the mandatory introduction of MTD for Town and Parish Councils into 1st October 2019. Furthermore those councils submitting a Special 126 VAT Claim are not impacted by MTD.
Rialtas Suite Alpha and Omega supports MTD for VAT
HMRC lists the Rialtas Suite software as supporting MTD for VAT. We are the only provider of specialist Accountancy Software for Town and Parish Councils, to have been checked as Supporting MTD for VAT by HMRC. (As at 18-September-2018)
The suppliers who have been checked are listed on the HMRC Website:
Appearing on this page confirms that we have:
- tested our products in HMRC’s test environment
- already demonstrated a prototype of our software to HMRC
Is your software provider ready?
If your provider is not listed on the HMRC MTD for VAT Support page, you should ensure you have alternative plans in place. Please speak to us if you would like to discuss our Accountancy Software, have a demonstration or obtain a quotation.
Existing customers: What do you have to do?
In readiness for the April 2019 deadline, Rialtas Suite Alpha and Omega will both have new versions available to enable the new functionality when appropriate. Prior to then, we will be piloting the new functionality as part of the Pilot phase of Making Tax Digital for VAT, working with HMRC and Pilot customers. As such, to remain compliant all customers should download software updates when they are available. To access available updates, logon to our website, and access the Support & Downloads section on the left hand side.