Making Tax Digital engagement letters released by tax institutes
18 Jan 2019
With less than 80 days to the rollout of Making Tax Digital for VAT, a number of professional institutes, inlcuding AAT, ACCA, ATT, CIOT and STEP, have released initial engagement letters defining client relationships under the new digital reporting framework
18 Jan 2019
The document contains information to assist members when working with or advising clients who are undertaking VAT activities under HMRC’s new Making Tax Digital systems and was created by a joint working party set up by the professional bodies. The standard letter is now available on the website of each body.
Making Tax Digital for VAT reporting will be mandatory for businesses over the VAT threshold of £85,000 from 1 April 2019.
The engagement letter schedule is a living document which will be updated as the bodies’ understanding of MTDfV 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 letter is available from the participating institutes, including AAT
By Sara White