Keep up to date with Making Tax Digital with the help of the CIOT and ATT.
Making Tax Digital (MTD) is something of a staple diet when it comes to Technical Newsdesk articles. The challenge, however, is that these articles are written two to three weeks prior to publication of Tax Adviser. This means that today’s news has long since been tomorrow’s fish and chips wrapper as far as MTD is concerned, because things continue to move at a pace.
That is why the CIOT and ATT have created dedicated MTD web-pages to help members keep up to date with the latest on MTD. For example, the CIOT website hosts its ‘Making Tax Digital for VAT – Main issues for consideration’ document, which highlights some of the key differences between the current regime, and that required under MTD.
On the morning of 7 June we will also be holding an MTD webinar, during which we will share the latest around MTD, particularly MTD for VAT, and be able to take questions and answers. The webinar is free to attend, and more information is available on our MTD website pages.
But what have we been doing in the meantime? The CIOT and ATT have recently provided HMRC with feedback, on a confidential basis, on the draft VAT Notice for MTD for VAT. We sometimes work with HMRC in this way as a ‘trusted stakeholder’; allowing HMRC to share things without them being in the public domain, and for us to provide open and frank feedback. Similarly, we have also provided confidential feedback on elements of HMRC’s communications around MTD. On that latter point, we have emphasised the lack of communications to date, and encouraged HMRC to publish guidance centrally on GOV.UK; rather than all the professional bodies having to translate their current understanding of MTD for their members.
Readers may also have seen HMRC’s communications that, largely due to the resourcing implications of Brexit, they are postponing some of the further developments around Making Tax Digital for Individuals, such as simple assessments and real time tax code changes (dynamic coding). This ATT Technical Article and CIOT blog provide more information.
As we announced in last month’s Technical Newsdesk, the pilots for both VAT and Income Tax self-assessment have started. If you or any of your clients are taking part in those pilots, we would appreciate you getting in touch to let us know how it is going. We continue to work closely with HMRC and other stakeholders around MTD, and so real-life feedback is extremely important.