Vat 2019

[Little squeak]

relevant extract from the link

"Only businesses with taxable turnover that has never exceeded the VAT registration threshold (currently £85,000) will be exempt from Making Tax Digital."

looks pretty clear cut to me, unless they change the Law

 

[yellowfrog]

I am under the threshold ,so does that mean I carry on as before?

 

[Steevo]

relevant extract from the link

"Only businesses with taxable turnover that has never exceeded the VAT registration threshold (currently £85,000) will be exempt from Making Tax Digital."

looks pretty clear cut to me, unless they change the Law

Exactly.

Today’s exempt....could be tomorrow’s included.

Govt policy rarely stays the same, and often gets worse. Very rarely does it offer improvement.

 

[Timbo]

I am under the threshold ,so does that mean I carry on as before?

Well yes as far as we can make out.. but the vat submission portal apparently will be closed in April, so how those undrr the threshold will make a submission is a mystery..

 

[farmerm]

Well yes as far as we can make out.. but the vat submission portal apparently will be closed in April, so how those undrr the threshold will make a submission is a mystery..

Interesting point, government gateway is indeed due to close in March 2019. Not sure the powers that be have thought this though!

 

[yellowfrog]

I am just a one man band operating since 2002 vat registered. never been over the threshold. so if they close the portal how do I pay the vat collected? all my transactions eg sales andbuying are all in a book longhand (not that many) what the feck do I do

 

[farmerm]

I am just a one man band operating since 2002 vat registered. never been over the threshold. so if they close the portal how do I pay the vat collected? all my transactions eg sales andbuying are all in a book longhand (not that many) what the feck do I do

Feck knows! I don’t think anyone st HMRC has picked up on this hole in their planning!! Start using Pandle? Like xero but free... we will all have to take the software route eventually so might as well start now..

 

[Y Fan Wen]

relevant extract from the link

"Only businesses with taxable turnover that has never exceeded the VAT registration threshold (currently £85,000) will be exempt from Making Tax Digital."

looks pretty clear cut to me, unless they change the Law

The ambiguity here is whether they include registered businesses below the threshhold or not. Not at all clear to me.

 

[farmerm]

The ambiguity here is whether they include registered businesses below the threshhold or not. Not at all clear to me.

I dont see the ambiguity, if your turnover is or has ever been over £85K you have to take the MTD route now, if below MTD is optional for now... except it seems as the Gov Gateway is closing the only way to submit a VAT return will be MTD

 

[custard]

I am using Free Agent, it works fine, similar to Xero but free to RBS and Nat West customers.

 

[Ramrod]

Anyone heard or seen at what age does "grandfather rights" come in?

 

[Timbo]

Anyone heard or seen at what age does "grandfather rights" come in?

Ha! You're joking right?

 

[Ramrod]

Defo no joke, the earlier info released, mentioned that business's where the non computer savvy elderly and anyone in a non or poor signal area are to be exempt.

 

[Ramrod]

Exemption from MTD for VAT
The following are exempted from MTD for VAT:
a. The person / business meets one of HMRC’s MTD exemptions:
- Religious beliefs incompatible with the use of electronic communications
- Not reasonably practical due to age, disability, remoteness of location or other reason
- Subject to an insolvency procedure
b. The business is voluntarily registered for VAT and trading under the VAT turnover threshold.
No other exemptions are currently available, so (for example) charities, local authorities, trusts etc, are all within the scope of MTD for VAT if their taxable turnover exceeds the VAT registration threshold.
Exemptions under a. must be applied for, with the application being made to HMRC. The standard of evidence to support the exemption application for ‘not reasonably practical’ is anticipated to be the same as the current exemption for online filing of VAT returns. It is likely that more businesses will fall within this exemption for MTD for VAT as compared to online filing of returns. We anticipate that existing exemptions for online filing will be rolled over for MTD for VAT.
A business that is exempt from MTD for VAT under b. may elect not to be exempt and file its returns digitally. It may also withdraw its election at a later time, providing it still fulfils the criteria for exemption.
If a VAT registered business’s taxable turnover falls below the VAT registration threshold after previously exceeding it (i.e. the time when threshold was exceeded was post 1 April 2019), it must still comply with the requirements of MTD for VAT until deregistration.

 

[Timbo]

I'm not a pessimist - but good luck getting a dispensation !

 

[Still Farming]

They want their money so they will get it !
So they will have to use "plain English",and help and supply the resources to do so, Simple.

 

[yellowfrog]

I am thick, whats mtd?

 

[Still Farming]

Make tax digital

 

[Flat 10]

I am using Free Agent, it works fine, similar to Xero but free to RBS and Nat West customers.

And getting on well?

 

[custard]

And getting on well?

As far as I can tell...……….Yes.