MTD (Making Tax Digital) is offically live!!
This means all VAT registered businesses (with a turnover of £85k and above) will be required to submit all future VAT returns using compatible software.
This comes into effect for the first full VAT return following the 1 April 2019, but please be warned that you will need to register for MTD and this can take up to 7 days to be activated if you pay by direct debit or up to 72 hours if you don’t pay by direct debit. Once you have set up your MTD account you can no longer use your present online VAT account, so any VAT returns outstanding before MTD compliance is required should be completed and submitted before setting up your MTD account.
What do I need to do?
You are required to keep track of your tax affairs digitally using MTD compatible software, and to update HMRC at least quarterly via your digital tax account.
There are many software options available to you. Please get in touch to allow us to find the best solution for you and to help you with this transition by calling us on 0161 249 5040.