We have submitted our first Making Tax Digital compliant VAT return!
We wanted to embrace HMRC’s Making Tax Digital initiative so that our clients can adapt to the new legislation early and remain ahead of the curve. We have managed to become one of the first UK companies to release MTD compatible software ahead of the mandatory change in April 2019
Demonstrating that the change is not an unreasonable HMRC initiative, we started (and finished) the process within 64 days. Although this is an achievement to celebrate, we wanted to show what it is possible with an “early adopter focus”
If you have followed our blog, you will see that we commenced our Making Tax Digital Journey on the 4th of June and by day 17 we had successfully tested HMRC’s API’s and had started implementing our own database design to meet the MTD requirements And By Day 47 we were ready submit our first tax return and, after securing HMRC authorisation, submitted our first MTD VAT return on day 64!
From today eligible My Digital Accounts customers can subscribe to the MTD pilot. HMRC’s MTD VAT platform allows accountants, and their clients to:
Access VAT data held by HMRC, including current and future obligations, view up to date liabilities outstanding and payments made to (and rebates from) HMRC
It has been a great journey and, whilst we want to celebrate our success, the road was not quite as rocky as some would have you believe!