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Making Tax Digital Update (MTD)

Who is affected?

VAT registered businesses with a turnover of over £85,000 are affected from April 2019.   Businesses with a VAT turnover of under £85,000 will not need to register for MTD until 2021 as it currently stands.

 

Key dates

As of 1st April tax has gone digital and your VAT return will need to be submitted by MTD rules

Quarter ending in June VAT return needs to be submitted by 7th August

Quarter ending in July VAT return needs to be submitted by 7th September

Quarter ending in August VAT return needs to be submitted by 7th October

 

What you need to do

You will need to maintain your records digitally which could be in an accounting software such as QuickBooks or Xero.  If you are using a spreadsheet you will need to use a bridging software to submit your VAT return. 

 

If in doubt, please speak with us.  There is a 12 month “soft landing” where fines will not be levied but this does not mean you don’t have to do it for 12 months.  You must make all reasonable attempts to submit your VAT returns under the new guidelines.

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