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Leading tax organisations, CIOT and ATT are asking for feedback from tax professionals and businesses about their experience of Making Tax Digital (MTD) for VAT.

Most VAT-registered businesses with a taxable turnover above the VAT threshold are now required to keep records digitally and use MTD compatible software to submit their VAT Returns.

The survey addresses the transitional and ongoing costs for businesses and agents, benefits identified, and the impact on errors, as well as posing questions regarding the next steps for MTD.

Tina Riches, Chair of the joint CIOT/ATT Digital and Agent Strategy Working Group, said, “We hope this will be one of the most comprehensive and crucial feedback exercises about MTD.

“We would like to ask agents and businesses to provide feedback on their experiences of MTD for VAT and their thoughts on the future of MTD, including for other taxes. Even if you have not had to deal with MTD for VAT, you can take part by completing the sections of the survey around next steps.

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“We plan to feed the results of this survey, and a summary of respondents’ comments, into a submission to HMRC with the aim of helping inform and improve any future roll out of MTD for taxpayers, their agents, and HMRC.”

Riches added, “The greater the number of responses and comments we receive from agents and businesses, the more this will help us and HMRC. The Government has confirmed that MTD will not be mandated for any new taxes or other businesses until 2021 at the earliest.

“Back in 2015 the first announcement of MTD was made with no prior consultation having been undertaken. The result was that substantial parts of the community affected never bought into the rationale for it or key elements of its design, and indeed these had to be substantially revised. The Government should learn from this and take this opportunity of evidence that will come from this survey and other means to help shape where MTD goes in future.”

The closing date for responses to the survey is Tuesday 31stDecember 2019.

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com

Why Thousands of Contractors Choose Dolan Accountancy

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust.

Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £125 + VAT. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams
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  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative
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