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Accountancy and Business Services in Cardiff, Wales

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19th December 2019- MTD update

6th March 2020 by

MTD update

Making tax digital continues to evolve as more features are added to the business tax account (BTA) and to the agent services account (ASA). You can now perform the following tasks through your BTA:

  • Change business details such as; business name, address, telephone numbers, VAT reporting periods.
  • View and print copies of the VAT returns
  • Change bank account details, including direct debits
  • Track a VAT repayment, which gives an estimate of repayment date

We can also change your business details through our ASA by selecting “manage your client’s VAT details”. You will be informed of any changes we make by a message in your BTA.

If a client has voluntarily joined MTD, as their turnover was under £85,000, they can also voluntarily opt out of MTD. Where the business has opted out of MTD we can opt you back in again through our ASA, or the you can do that through your BTA. We don’t have to ring HMRC to do this.

The “soft landing” is still in place for MTD. VAT Notice 700/22 implies that this period – when penalties will not be applied – only relates to penalties for the lack of digital links. However, the latest MTD update from HMRC says that the soft-landing applies to surcharge liability notices, which are normally issued when VAT is not paid on time.

As there have been problems with some businesses not being able to set up their direct debit under MTD, HMRC may have decided to apply an unofficial soft landing to late paid VAT in the first year of MTD.

 

Written by the Tax Advice Network

Filed Under: Uncategorised

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02920 448 120
julie.burrows@dfcaccountancy.co.uk
Address:
2 Alexandra Gate
Ffordd Pengam
Cardiff, Wales, CF24 2SA

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Address: 2 Alexandra Gate, Ffordd Pengam, Cardiff, Wales, CF24 2SA
Email: julie.burrows@dfcaccountancy.co.uk