This is a reminder that if you are VAT registered and have not yet signed up for Making Tax Digital then you must do so for returns starting from 1 April 2022.
VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been required to follow the Making Tax Digital (MTD) rules since April 2019 (with some delayed to October 2019). From 1st April 2022 all VAT registered businesses must sign up to MTD for VAT, whatever they earn.
Businesses need to follow the MTD for VAT rules and submit their VAT return using a compatible software package or other software that connect to HMRC systems, they also need to keep their VAT records digitally. The deadlines and frequency of the VAT Returns and payments will not change after signing up to MTD for VAT.
If you have been submitting VAT returns through your online account you will need to register for MTD in time for the submission of the first VAT return that starts after 1 April 2022.
If you would like assistance with your VAT returns then please get in touch with Naomi Quant, VAT Manager or Tom Dinwiddy, Outsourcing and Business Advisory Director.