Make sure you register for MTD!
Making Tax Digital (MTD) seems to have been on our ‘things to talk about’ list for a very long time, but it’s finally here! We’ve talked before about the background, but you must now register for MTD to make sure you are ready to go when your VAT Return is due.
Contrary to earlier information, HMRC are NOT automatically moving people over to MTD submission.
How do I register for MTD?
If the turnover of your business is beyond the VAT threshold (currently £85,000), you must now submit quarterly updates to HMRC for VAT purposes through digital records.
Follow this link to sign up to MTD. It takes you to the HMRC website and takes you through the process step by step.
When should I register?
MTD is mandatory for the VAT Return period starting after 1st April 2019. We would therefore recommend that you register for MTD after you have submitted the last VAT Return to be submitted outside of MTD.
You need to register for MTD at least a week before you’re due to file your first MTD VAT Return. This allows time for the systems to update and for you to receive an email from HMRC confirming your registration. Beyond this point you must use MTD ready software.
If you pay your VAT by Direct Debit, please take note of the guidance from HMRC. You cannot register for MTD within the processing window for that DDR.
Once you have gone through this process, you cannot use the old online filing process.
If you have any questions or concerns over MTD for VAT, or anything else please do get in touch. We’re here to help!
We send regular updates that keep clients aware of changes and suggestions on a wide range of subjects; if you’d like to receive those too, just add your details below and we’ll do the rest! We promise not to bombard you and you can unsubscribe at any time.