As of 1st April 2019 HMRC are changing the way you submit your VAT return. If you are a VAT registered business with a taxable turnover above the VAT registration threshold of £85,000, you may have to change the way you submit your VAT return to HMRC.
You are now required to submit VAT returns using a Making Tax Digital compatible software from your first VAT return after 1st April 2019. If you have a turnover below the threshold, you can also register for MTD voluntarily.
This method will help businesses keep a track of their tax affairs on a quarterly or monthly basis, which will help a lot of people keep up to date with their accounts resulting in no unexpected tax liability at the end of the year.
We are ensuring all of our clients are Making Tax Digital compliant, therefore if we haven’t been in touch already, we will be shortly. If you are a VAT registered business who completes your own VAT and would like to check if you are compliant; please contact us and we would be more than happy to help. We offer support packages with compatible software and advise on what would be the best option for you.