Making Tax Digital (MTD) is said to be the most fundamental change to the administration of the tax system for at least 20 years. Since its introduction on 1 April 2019, most VAT registered businesses with a taxable turnover above the VAT threshold of £85K have been required to keep digital records for all VAT transactions, and use software to directly submit VAT returns to HMRC via the MTD service.
So, if your business is VAT registered with a taxable turnover above the VAT threshold of 85K then this more than likely applies to you, and your first MTD submission depends on your quarterly return date. Here is a reminder of when you need to be submitting your first MTD VAT return.
In order to submit your MTD VAT return, you must re-register with HMRC. You must also be running compatible software.
If you haven’t signed up for MTD for VAT yet click here for full HMRC advice on what you need to do.
If you are running any of the following software, please click on individual logos for each provider’s guidance and advice:
If you’ve any questions, or need more help please don’t hesitate to contact our Business Services team on 01908 674484.