From 1 April 2022, all VAT registered businesses must file digitally through Making Tax Digital, regardless of turnover.
Are you signed up to file your VAT returns digitally from 1 April?
If your business is VAT registered, it will need to file VAT returns directly from MTD compatible software. Within the software, there should be a digital record of daily takings, business expenses and ideally (although not essential) the business bank account transactions.
HM Revenue & Customs have already started implementation of MTDfV, however, the first phase introduced a couple of years ago was only necessary if your VAT registered business had a turnover above the VAT threshold, currently £85,000.
If your business is VAT registered but has a turnover below the VAT threshold of £85,000 it will become mandatory for the first VAT return period starting on or after 1 April 2022, so if you have a VAT return quarter ended 30 April, your first MTD VAT return would be the quarter ended 31 July 2022.
Do you have questions about MTDfV, need help signing up or setting up any software?
Listen to our VAT experts to find everything you need to know to submit your VAT returns by MTD compatible software and how we can help.
Whatever help you need, just contact us and we will be happy to help in whatever way we can.
