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.
