Published: 10/03/2022 By Hannah McCormackIt feels like a lifetime ago that HMRC introduced Making Tax Digital (MTD), especially as it wasn’t initially compulsory for so many, but fast forward to April and if you or your business charge VAT guess what…..it’s your turn to jump on the MTD train!
What does that mean?
It means you will need to digitally record and send your VAT returns directly to HMRC. To do this you will need some HMRC compliant software, such as Xero or QuickBooks and sign up for Making Tax Digital for VAT with HMRC. If you are unsure if the software you have or are looking to get is compliant HMRC have created a webpage which lists all the software, see HMRC’s page here.
When is this happening?
If you charge VAT after the 1st April 2022 you will not be able to submit your VAT returns through HMRC’s manual online service, you will need to use a 3rd party software to submit it digitally.
That’s less than 4 weeks away, so if you are yet to get set for MTD for VAT and need assistance we can help you through the whole process. Or perhaps you are already set for MTD but need someone to manage it for you, we can also assist with this.
Need some training?
One of our QuickBooks ProAdvisors can also assist just give us a call to see how we can help you get your VAT submitted in the new digital way.