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Time for calm
Key points
- HMRC is clear that for the first year of MTD for VAT it will take a light touch approach to penalties.
- Businesses will able to use spreadsheets and bridging software for as long as they wish.
- Agents should set up an agent services account so they can submit returns for clients.
- Applications for exemption can be done by telephone or in writing.
To quote the words of Corporal Jones in the legendary TV programme Dad’s Army: ‘Don’t panic.’ There has been much excitement about the fact that MTD for VAT takes effect on 1 April 2019 but this date is not a cliff-edge situation. In some cases a business will not need to file its first VAT return through HMRC’s API (application programming interface) platform (rather than the existing government gateway) until 31 October 2021.
Start date
The MTD start date for 96.5% of VAT-registered businesses that trade over the £85 000 registration threshold...
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