HMRC has set out steps that certain businesses and their agents will need to take in preparation for the migration of remaining businesses from HMRC’s current VAT mainframe to its Enterprise Tax Management Platform (ETMP) from March 2021, reports the ATT.
Businesses already signed up to MTD for VAT need take no action, because their records are already stored on ETMP.
Businesses not yet within the MTD for VAT regime (those with taxable turnover below the VAT registration threshold of £85,000) will face extra administration as a result of the migration. Direct debit businesses and those using XML-based software products will be affected, and agents will no longer be able to use the agent online service for their VAT clients. HMRC advises these businesses to sign up for MTD before March 2021, rather than waiting for the April 2022 MTD for VAT deadline, to avoid the extra administrative work.
HMRC has set out steps that certain businesses and their agents will need to take in preparation for the migration of remaining businesses from HMRC’s current VAT mainframe to its Enterprise Tax Management Platform (ETMP) from March 2021, reports the ATT.
Businesses already signed up to MTD for VAT need take no action, because their records are already stored on ETMP.
Businesses not yet within the MTD for VAT regime (those with taxable turnover below the VAT registration threshold of £85,000) will face extra administration as a result of the migration. Direct debit businesses and those using XML-based software products will be affected, and agents will no longer be able to use the agent online service for their VAT clients. HMRC advises these businesses to sign up for MTD before March 2021, rather than waiting for the April 2022 MTD for VAT deadline, to avoid the extra administrative work.
