Are you registered for Making Tax Digital for VAT?

Need advice? We can help.Get in touch today

If not, but you are voluntarily registered for VAT because your annual turnover is below £85,000, you will need to sign up for MTD from April 2022. According to HMRC, only a third of businesses who will need to do so have signed up so far, and time is running out!

Making Tax Digital (MTD) means businesses must keep their VAT records digitally and provide their VAT return information to HMRC using MTD compatible software.

If you are affected and have not yet signed up, we would urge you to start the process as soon as possible.

How to register for MTD for VAT

To sign up to MTD for VAT you need to:

  1. Visit GOV.UK and choose Making Tax Digital-compatible software. For many businesses, the software they are using should already be compatible with MTD.
  2. Keep digital records starting from 1 April 2022 or the beginning of their VAT period
  3. Sign up and submit you VAT Returns through Making Tax Digital

A very small number of VAT-registered businesses may be eligible for an exemption from MTD, if it is not reasonable or practicable for them to use digital tools for their tax. If a business has previously been granted an exemption for VAT online filing, this will carry over to MTD VAT requirements.

Please get in touch with your usual contact at Burton Sweet if you would like help or advice on MTD. For example, we can work with you to file VAT returns on your behalf from April 2022 if you don’t want to computerise your bookkeeping yourself. Or we can advise on suitable computer software so you can do it yourself. Our bookkeeping team have plenty of experience of MTD and will be pleased to advise, or provide training and support to help you make the transition to MTD.

Useful information for Are you registered for Making Tax Digital for VAT?

Limited Companies

Should a key member of your staff be suddenly unable to work, it might be best to consider how you can reduce the impact of their absence.

Read more
Limited CompaniesSole Traders & Partnerships

Here are the tax implications relevant to providing a gift/event to best please your employees, whilst also being financially sensible.

Read more
Sole Traders & Partnerships

Sole traders & partnerships: If your year-end is not 31 March or 5 April, HMRC is changing how it will assess your profits.

Read more
Limited CompaniesSole Traders & Partnerships

If you’re considering using a piece of cloud-based accounting software, such as Xero, QuickBooks, or Sage, then it’s important you understand what each option can offer you. What follows are some worthwhile considerations…

Read more

I am a...