Kent, London 07577424726
  • English
  • български

    AAT creates new guidance for Making Tax Digital for VAT

    AAT, working in partnership with fellow professional bodies ACCA (Association of Chartered Certified Accountants), ATT (the Association of Taxation Technicians), CIOT (Chartered Institute of Taxation) and STEP (Society of Trust and Estate Practitioners), has concluded work on an initial engagement letter schedule for Making Tax Digital (MTD) for VAT. The document contains information to assist AAT members when working with or advising clients who are undertaking VAT activities under HMRC’s new Making Tax Digital systems.

    The document was created by a joint working party of the professional bodies. You can now view it on AAT’s website (logged-in members only) and on the websites of our partner bodies. It’s designed for members with clients who have a requirement to submit VAT returns because their taxable turnover exceeds the VAT registration threshold or who have turnover that does not exceed the VAT registration threshold but who have opted in to using MTD for VAT.

    The engagement letter schedule is a living document which will be updated as the bodies’ understanding of MTD for VAT develops, and the working party will continue to keep the main guidance and engagement letters schedules under review.

    Adam Williamson, AAT Head of Professional Standards said:

    “AAT and our fellow professional bodies agree that it’s vital our members have as much support as possible to help with the implementation of Making Tax Digital for VAT. This engagement letter schedule will ensure that accountants can give their clients the best guidance possible to make the transition to the new system.”

    The guidance is supplementary to “Engagement letters for tax practitioners” issued on 2 May 2018 and should be read in conjunction with it. If members have any queries on either the MTD for VAT schedule or the main engagement letters guidance and schedules, please contact AAT standards.

    Related articles

    Companies House

    AA01 Change of accounting reference date AA02 Dormant Company Accounts (DCA) AR01 Annual Return AD02 Notification of single alternative inspection location (SAIL) AD03 Change of location of the company records to the single alternative inspection […]

    Learn More

    Key Dates and Deadlines

    Payment Dates 2019-20 2018-19 Income Tax and Class 4 NIC’s: First interim Income Tax payment 31 January 2020 31 January 2019 Second interim Income Tax payment 31 July 2020 31 July 2019 Final balancing Income […]

    Learn More

    Minimum Wage

    National Living Wage 2019-20 2018-19 Age 25 & over £8.21 p.h. £7.83 p.h.   National Minimum Wage 2019-20 2018-19 Aged 21 to 24 £7.70 p.h. £7.38 p.h. Aged 18 to 20 £6.15 p.h. £5.90 p.h. […]

    Learn More

    Leave a Reply

    Your email address will not be published. Required fields are marked *