Making Tax Digital for VAT – Quick Update

Making Tax Digital for VAT

We are now six weeks into the Government’s Making Tax Digital for VAT initiative, and so far, so good.

If we currently look after and submit your VAT returns on your behalf, then rest assured that you are in good hands – we are MTD ready and ensuring all clients are compliant with new legislation in plenty of time.

If you complete and submit your VAT returns yourself, and are impacted by Making Tax Digital for VAT, then please be aware of the below:

If you have a turnover greater than £85,000, you will need to register for MTD before submitting the return for the first quarter starting on or after 1 April 2019.

You can do this by following the link below:

https://www.gov.uk/guidance/sign-up-for-making-tax-digital-for-vat

Please note that under this new scheme banking regulations require that HMRC notify businesses by email 10 days before a Direct Debit is taken. This means that you will be required by HMRC to provide them with an up to date email address at the time of registering.  Emails from HMRC may get caught by your spam or junk filters, so do keep a look out for this.

As always, please feel free to contact us should you have any questions relating to this or other accounting matters.

 

Let’s start a conversation 

    Subscribe me for updates and news from In Accountancy

    Related articles

    tax on interest income
    Limited Companies

    Maximise Your Tax-Free Savings Interest Income: UK Guide for 2024

    Over the last year UK savers have finally been in a position to earn some interest on their savings, but how is interest income taxed, and how can you maximise the tax free element of what you receive? 🤔
    If you meet certain criteria or have flexibility in how you structure your income, then you can potentially enjoy up to £18,570 of your income completely tax-free!! 🥳

    Read More »
    time to pay arrangement
    Limited Companies

    Time to Pay Arrangements: A Lifeline for Owner-Managed Businesses

    Are You Struggling to Meet Your Tax Obligations?

    More than 30,000 UK businesses were involved in some kind of insolvency action in 2023, which was an increase of more than 50% compared with 2021 according to an article in the Guardian earlier this year.

    And the economic outlook would suggest that despite the fact that we are no longer in recession, 2024 and 2025 will be a challenging year for UK small business.

    With this in mind we have prepared the following guide and associated video to help you understand what your options are with regards to agreeing what is known as a ‘Time to Pay’ arrangement with HMRC.

    Read More »

    Find out how we can help?

    Lectus scelerisque a donec tincidunt litora per eleifend eget ut sagittis conubia pharetra scelerisque dui ultricies duis parturient auctor adipiscing.

     

    Let’s start a conversation 

      Subscribe me for updates and news from In Accountancy

      IN-ACCOUNTANCY

      Search