ESB Accountancy guide for Making Tax Digital (MTD) for VAT Glos businesses.
The start date for Making Tax Digital (MTD) for VAT is fast approaching. If you are a VAT-registered business with turnover in excess of the VAT registration threshold of £85,000, you will need to comply with the requirements of MTD for VAT from the start of your first VAT accounting period beginning on or after 1 April 2019.
If you are VAT registered but your VATable turnover is below £85,000, you can choose whether to join in, but if you do there is no going back and once in MTD for VAT you will need to stay within MTD for VAT as long as you remain VAT registered.
Under MTD for VAT you must keep certain VAT records digitally and send your VAT returns to HMRC using software that is MTD-compatible.
You will no longer be able to use HMRC’s VAT Online service to file your VAT return.
You will need to keep your business records digitally from the start of your accounting period. If you already use software to keep your business records, check your software provider’s plans to introduce MTD-compatible software.
If you don’t currently use software, or your software won’t be MTD-compatible, you’ll need an adviser who can file your VAT returns on your behalf.
Please talk to us at ESB Accountancy to discuss how your business can comply with the new laws – with several decades of financial experience here in Gloucestershire you can either ring us now on – email us on email@example.com or click the Contact Us buttonor please fill the form at the bottom of the contact us page.