The UK tax authority (HMRC) recently announced an extension to the Making Tax Digital (MTD) implementation deadline for “complex organisations” to October 2019.
A full list of the complex organisations affected can be found here and includes Trusts, VAT Groups and some not-for-profit organisations and importantly “traders based overseas”.
As stated in our previous article, MTD will require VAT registered businesses to use special software to provide summary tax data directly to the tax office electronically. This data will be used to automatically generate tax records, instead of manually calculating and filing a VAT return.
In preparation for MTD, Fiscal Solutions will be releasing their very own HMRC approved MTD compliant software. This software will enable businesses to meet the demands of MTD in order to submit their UK VAT returns after the 2019 deadline. There will be more information regarding this system soon.