MTD: did you ask a question during our latest webinar?

The Tax Faculty kicked off the 2018 webinar schedule with another instalment in the Demystifying Making Tax Digital (MTD) series. On 16 January 2018 Anita Monteith and Sarah Ghaffari discussed the specific VAT requirements including who is in and who is out, what needs to be recorded digitally and how businesses will be able to do so. If you missed the webinar you can watch the recorded version.

We received a number of questions during the webinar which we have now answered and published in TAXguide 02/18, available to ICAEW members and Tax Faculty members.

Some of the questions asked include:

  • Are charities exempt from MTD?
  • Are companies only in MTD for VAT if UK turnover exceed the threshold?
  • How will adjustments for partial exemption fit in?
  • How will the flat rate scheme operate?

Not ones to blow our own trumpet, but the feedback received after the webinar was great. We asked what key messages viewers had taken away; here were some of the comments:

  • Importance of planning and putting appropriate measures in place now for growing businesses
  • I need to speak to my software provider to see what steps will be required to make software MTD compatible
  • More understanding of API's
  • Treatment of cliff edge trading
  • That full transaction information is not needed
  • I will have to upload VAT returns directly to HMRC by March 2019 and need to look into the implications of this NOW.

There is still time to comment on the draft VAT regulations published on 18 December 2017, and you can do so by emailing them to taxfac@icaew.com or to HMRC directly makingtaxdigital.consultations@hmrc.gsi.gov.uk by 9 February 2018.

We also run other events and webinars which will be of interest to members and which are free to members of the Tax Faculty. You do not have to be an ICAEW member to join the Tax Faculty.

Visit the ICAEW.com website to see the full list of our events in 2018 and for more information about MTD visit our hub www.icaew.com/mtd.