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Making Tax Digital update

Making tax digital for VAT is now a reality. It on 1 April 2019 with MTD for VAT. From that date, VAT-registered businesses with turnover above the threshold of £85,000 will have to keep digital records and submit VAT returns using compatible software.

The new rules apply to the first VAT period starting on or after 1 April 2019

Click here to visit our MTD page for more background information.

We are recommending that clients file VAT returns on the platform we are all used to for as long as they can. If you are submitting quarterly returns then the last one you can file traditionally will be either March, April or May 2019 depending on your VAT stagger. The first VAT return to be submitted under MTD will be June July or August  2019 again depending on your VAT stagger. 

You must sign up for MTD at least one week before your VAT return is due. You’ll receive an email within 72 hours to confirm that you can submit returns using software that’s compatible with Making Tax Digital for VAT.

Please note that businesses that currently pay VAT by Direct Debit cannot sign up in the 7 working days leading up to, or the 5 working days after their VAT Return is due.

The sign up process is very straightforward and can be accessed through this link.

Once registered for MTD you will need to authorise your software to work with the new system.  This is a simple process and detailed guidance of how to do this is available at the following links: -

Xero

FreeAgent

You will then be ready to file your VAT returns through MTD.

If you are concerned or struggling in any way with MTD for VAT HullJady can help. We can:-

  • assist in registering for MTD and authorising your accounts system to use MTD
  • prepare and submit your MTD VAT returns
  • provide a bespoke bookkeeping service including filing VAT returns.

Please give us a call to discuss how we can help.










 

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