From April 2019, If your business is VAT registered with a taxable turnover over the VAT threshold (currently £85,000), you are required to keep digital VAT business records and send returns using MTD compatible software for VAT periods starting on or after 1st April 2019.
For those who are below the VAT threshold, a business can opt to sign up to MTD for VAT voluntarily.
You will need to keep business records digitally from the beginning of your accounting period. This does not mean you need to keep additional records for VAT, they just need to be recorded digitally. If already using an accounting software package, check with your software provider to ensure they will be MTD compatible. If you do not currently use accounting software, please contact us for a free no obligation consultation on how we can assist.
Businesses that are not registered for VAT or have de-registered are exempt from MTD. For businesses that are more complex, the going live date has been deferred to 1 October 2019. This includes businesses that are: trusts, 'not for profit' organisations not set up as a company, public sector departments, businesses that are on annual accounting schemes and those required to make payments on account.
For an up-to-date list of compatible MTD software, please check the HMRC website https://www.gov.uk/guidance/software-for-sending-income-tax-updates#VAT
Please contact us on 01756 792005 or 07804 491477 to discuss how we can help you to prepare for Making Tax Digital.
Bookkeeping, Payroll & Admin Services for Craven & the Dales, North Yorkshire, West Yorkshire & Lancashire region including Skipton, Gargrave, Settle, Ilkley, Otley, Keighley, Bingley, Shipley, Colne, Earby, Barnoldswick, Nelson & Clitheroe
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