LESS THAN 6 MONTHS TO Making Tax Digital for VAT (MTDfV) becomes compulsory
If your business is not already filing MTD VAT Returns and is VAT registered, regardless of whether your turnover is over or under £85,000, it will be become mandatory to file these directly with compatible software.
So what is MTDfV? In short, 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. If you would like to trial the new system before 1 April 2022, or would prefer to have all of your financial years VAT returns on the same system, you can sign up for MTDfV earlier if you wish.
When does it become necessary? MTDfV becomes 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. If you would like to trial the new system or get all or your financial years VAT returns on the same system, you can sign up earlier if you wish.
If you want to discuss your own needs, contact one of the team who will be able to help or contact 01228 534371 or advice@saint.co.uk
