Around 10,000 businesses a day are registering for Making Tax Digital (MTD) in readiness for the first digitally filed VAT returns, for which the deadline is 7th August. If you have not yet registered or are still considering how you are going to comply with the requirement for filing your VAT return digitally, then we strongly recommend you seek advice soonest.
We are pleased to say that most of our clients are ready, in that they have not only registered for MTD but also have in place appropriate software or bridging software to deal with digital filing. However, some do still need to get to grips with what is required.
Whilst there has been a dramatic increase in the number registering with HMRC, especially those engaged in agriculture, there is a relatively high number still to register. The rapidly approaching deadline means that there is pressure in the system to deal with registration efficiently and there are limitations on the support available for those looking to ensure all is in place.
For clarification, if you have a Quarter End June 2019 VAT return and your turnover is over £85k, this is your first return that must be filed under Making Tax Digital (MTD).
In order to be compliant, you need to:
2. Ensure your software is MTD ready
If you pay your VAT due by direct debit then you will need to ensure that you are registered by Friday 27 July.
Further information including our guide to MTD, FAQs and video guides
Alternatively for further advice or assistance please contact your usual Streets contact.
