Making Tax Digital for VAT Success
We are pleased to announce that with valuable co-operation from COINS clients and HMRC, the first two live VAT Return submissions using the new Making Tax Digital (MTD) method were made on Tuesday 7th August. The companies involved will now continue to make their quarterly VAT Return submissions using MTD in future.
This marks an important milestone in MTD for VAT for COINS. Following this success, other COINS clients will now be able to join the live pilot.
By April 2019, all COINS clients who submit UK VAT Returns will need to use the MTD for VAT method and therefore must use the COINS VAT Returns Workbench. This will be an essential part of MTD compliance using COINS. HMRC rules will no longer make it permissible to simply run VAT reports from COINS and rekey this data to produce a VAT Return. For clients using the VAT Returns Workbench to produce their VAT Returns, the change in submission method to comply with MTD should be straightforward.
Over half of COINS clients are now either using the VAT Returns Workbench or have at least booked to attend a training seminar or webinar.
The training is proving effective: 14% of those clients who have attended in recent weeks have already started using the VAT Returns Workbench in live. Others will be going live as soon as their quarter-end comes round. Clients who have not booked yet should do so as soon as possible to secure their choice of date (places are still available in September, October and November).
Further information for COINS Clients is in the Client Area: