Making Tax Digital – Khaos Control Update
Making Tax Digital is an initiative by HMRC to make tax more effective and reduce errors. It means that any businesses that are VAT-registered and have a taxable turnover of £85K a year will be required to keep digital records and submit VAT returns using compatible software. MTD comes into effect on 1st April 2019.
Steps we’ve taken to become compatible
Our team has been working hard with HMRC to meet the required standards for compatible software. In the background, development and coding has been underway to develop the solution. From a usability perspective, the main change is a button in the VAT screen of Khaos Control. Once registered, this will enable users to send VAT data to HMRC in the digital format required.
When will the solution be ready for MTD?
We have been through the approval process with HMRC (back in December) and are now waiting for them to provide Khaos Control with production credentials for accessing the HMRC API portal. For this reason, this development is still a “coming soon” feature.
We are expecting to hear from HMRC any day now, however they are currently experiencing a very high communication volume. As soon as we have these from HMRC, we will be moving into our release phase for this development and providing updates for all customers ASAP afterwards.
FAQs and functionality specifics:
Check out our Wiki page here for an overview of commonly asked questions revolving around Khaos Control and MTD. See here for a breakdown of how the functionality will work once released (please note: screenshots are taken from testing data and may change once functionality is live).