Making Tax Digital for VAT (MTD)
What is Making Tax Digital?
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers.
Making Tax Digital for business (MTDfb) begins on 1 April 2019 with MTD for VAT. From that date, VAT-registered organisations above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software.
For further information see the HMRC Website:
- HMRC Making Tax Digital for VAT: legislation overview
- HMRC VAT Notice 700/22: Making Tax Digital for VAT
Note: HMRC have delayed the mandatory introduction of MTD for Town and Parish Councils until 1st October 2019. Furthermore those councils submitting a Special 126 VAT Claim are not impacted by MTD.
Rialtas Suite Alpha and Omega supports MTD for VAT
HMRC lists the Rialtas Suite software as supporting MTD for VAT. We are the only provider of specialist Accountancy Software for Town and Parish Councils, to have been checked as having software that is "Available now" for MTD VAT submissions by HMRC. (As at 22nd January 2019)
The suppliers who have been checked are listed on the HMRC Website:
Appearing on this page confirms that we have:
- Submitted a VAT Return via the Live Making Tax Digitial for VAT Service.
- HMRC have checked that our software correctly Submitted a VAT Return.
Is your software provider ready?
If your provider is not listed on the HMRC MTD for VAT Support page, you should ensure you have alternative plans in place. Please speak to us if you would like to discuss our Accountancy Software, have a demonstration or obtain a quotation.
Existing customers: What do you have to do?
In readiness for the April/October 2019 deadlines, Rialtas Suite Alpha and Omega both have new versions available to enable the new functionality when appropriate. Rialtas Suite 184.108.40.206 or higher has the MTD functionality, and our first private sector Pilot customer has now submitted a Live VAT return using MTD.
Prior to October 2019, we will be piloting the new functionality as part of the Pilot phase of Making Tax Digital for VAT, working with HMRC and Pilot customers.
To see what is coming please watch our Webinar Recording of the session Rialtas and HMRC jointed held in December 2018. In this session HMRC explain the implication of MTD, and Rialtas demonstrates the new functionality. To access the Webinar Logon to our Webste, and then go to "Support & Downloads", click on "Rialtas Suite - Alpha" or "Rialtas Suite - Omega", and in the Videos section you will find the Webinar.
To remain compliant all customers should download software updates when they are available. To access available updates, logon to our website, and access the Support & Downloads section on the left hand side.