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HMRC Approves 18 MTD Software Suppliers

HMRC has released a list of approved Making Tax Digital (MTD) software developers for VAT-registered businesses to use from next year.

Businesses with annual taxable turnover of more than £85,000 will be required to maintain digital records for VAT and submit quarterly returns from 1 April 2019.

Firms with taxable turnover below the VAT-registration threshold will not have to operate MTD, although they can do so voluntarily.

More than 35 suppliers had software available for testing in the first phase of HMRC’s pilot scheme, with 18 making the cut.

Big hitters such as Intuit, Sage and Xero are among the approved list of suppliers that have demonstrated their software during testing.

The pilot will be reopened later this year up to allow more businesses and agents to have their products tested by HMRC.

The Revenue previously confirmed businesses will be allowed to continue using spreadsheets for record-keeping, but they will need to ensure the spreadsheet can submit MTD updates.

This is likely to be done through use of an application programming interface (API), which will enable commercial software to share data with HMRC’s servers.

For any help or advice with financial planning talk to RPD

 

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