Since April 2019, VAT-registered businesses with a turnover above the VAT threshold must keep VAT records digitally and send returns using Making Tax Digital (MTD) compatible software.
From April 2022, these requirements will apply to all VAT-registered businesses, including those with a turnover below the VAT threshold.
For more information, join HMRC's live webinar – during which you can ask questions using the on-screen textbox.
Questions for HMRC?
Why not view their short videos on HMRC’s YouTube channel including:
How can we help?
Here at Handy Accounting services we're passionate about making sure you get your books and VAT right the first time, and that means ensuring you have the best advice. So whether you're looking for software support or have questions on your VAT return then get in touch and we can help.
How will MTD affect me?
You will need to submit your VAT returns to MTD using approved software such as Sage, Quickbooks or Xero, or using approved bridging software.
Are these services expensive?
A basic subscription for VAT from quickbooks is as little as £12 per month (after trial period) with similar costing models across other platforms. This will generally be included in cloud based accounting systems which will not require you to with. For £15 per month we can support you with a full quickbooks membership, along with unlimited bookkeeping and VAT support. All for an additional £3 per month.
Why are they doing this to us?
People adjusting their VAT return and committing tax fraud costs us, the tax payer. My introducing Making Tax Digital for VAT, the number of cases has reduced and therefore it is now being implemented across all businesses. This is the first of the MTD roll out affecting all businesses and getting set up with MTD now will reduce your workload when this is implemented for Self Assessment for Income Tax and later, Cooperation Tax.
Why not get in touch with us to see how we can help from as little as £15 for cloud accounting software and support and £50 for VAT registration, VAT returns and VAT advice.