Making Tax Digital (MTD) – VAT Reporting
HMRC is changing the way businesses need to keep their VAT records and submit their VAT Returns.
From the first quarter starting on or after 1 April 2019, most VAT registered businesses, with a taxable turnover above £85,000, must keep their records digitally and use MTD compliant software to submit their VAT Returns to HMRC.
Instead of waiting until then, you can join the MTD pilot scheme now although you will not be able to take part if you are part of a VAT Division or Group, based overseas, are a trust, are a not for profit organisation that is not set up as a company, submit annual VAT returns or make VAT payments on account.
There are three main steps you need to follow to register for MTD
1. Ensure that you have MTD compliant software. If you’re unsure, either speak with us or your software provider about this.
2. Go to www.gov.uk and register with HMRC to join MTD. If you pay by Direct Debit you will not be able to sign up in the 15 working days leading up to your submission date and the 5 working days immediately after it.
3. Once registered, activate your MTD compliant software to submit under MTD for VAT directly through your software.
If you need any help or have any queries about MTD please do get in touch as soon as possible so we can provide you with the assistance you require.