GIANT change for MTD users
Making Tax Digital for VAT services are now available to all VAT-registered traders except those that use the VAT GIANT (Government Information and NHS Trust) service, says the ICAEW Tax Faculty.
GIANT users are currently required to submit additional information with their VAT return. Due to an ongoing review by the government into VAT simplification in the public sector, announced at Spring Statement 2019, HMRC is further extending the deferral period for GIANT users beyond the October 2019 date that currently applies.
HMRC is contacting each affected organisation to inform them of this extension and will write to them again later in the summer with further information about the timetable for joining MTD and to formally extend their deferral period.
So far, more than 400,000 businesses have now signed up to Making Tax Digital (MTD) for VAT, representing more than a third of the businesses that are required to comply with the new regulations.
It is important that businesses sign up at the right time ie, when they have filed all returns that will be submitted following pre-MTD processes. ICAEW has published guides to the sign up process for agents and businesses.
This article first appeared on ICAEW Tax Faculty’s Taxwire
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