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Are You Signed Up for Making Tax Digital?

Making Tax Digital (MTD) is now live and if you meet the criteria for mandatory submission of VAT returns, then you should have received a letter from HM Revenue & Customs confirming this.

By now you should have checked that you have suitable accounting software or ‘bridging’ software, to enable you to submit your VAT returns using MTD.

If you are submitting your own VAT returns, you must register with HMRC to use MTD, it does not happen automatically.

If you fail to register, HMRC may issue a ‘reminder to register’ before your next VAT return. You can follow the link here if you are still to register with HMRC. However, if our Amber Accounting team submit your VAT returns for you – you don’t need to worry.

But that’s not all – timing is critical!

A business should not sign up to MTD for VAT until all non-MTD VAT returns have been filed. You must then allow at least 24 hours after submitting the last non-MTD VAT return before signing up.

If you pay by direct debit, you have a more restricted time period in which you can sign up, due to the impact of banking regulations. You must sign up at least 7 working days before the first MTD VAT return is filed. Get in touch with us, or HMRC, to confirm your sign up period.

Should you have queries on any aspect of MTD, please contact the Making Tax Digital Taxperts.

Alternatively, if you are looking for support with your MTD submissions, please get in touch with our Amber Accounting team on 01382 312140/01307 474274.

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