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Making Tax Digital: MTD for VAT Deadline Reminder

1 April 2022 is the date when Making Tax Digital (MTD) becomes mandatory for all VAT registered businesses.  The requirement is regardless of turnover and includes those voluntarily registered for VAT.

This means that all VAT returns will need to be completed and submitted using a compatible software package that connects to HMRC’s systems. Manual records and some existing accounting software packages will no longer be acceptable.  It will also not be possible to submit VAT returns using the current Government Gateway system.

Enrolment for MTD for VAT is not automatic, even if your business is already VAT registered or if you have already converted to approved software. All businesses need to complete a registration process via their Government Gateway account before the end of your first full VAT period after 1 April 2022.

All VAT-registered businesses not registered for MTD must:

  1. visit GOV.UK to check you are using a compatible software package
  2. keep digital records starting from the start of the first VAT period following 1 April 2022
  3. sign up and submit your VAT Return through Making Tax Digital

At GWA, we have been highlighting this change in regulation for quite some time.  Our experienced team have already supported many businesses to achieve compliance. Therefore, we are confident that the vast majority of GWA clients have already enrolled their business and put the appropriate processes and accounting software in place.

However if you still have concerns about your compliance with the new rules, we urge you to contact our dedicated team as soon as possible.

We can help you choose the best accounting software package for your business. To make sure everything runs smoothly, we’ll provide training so you can be confident with your new software. And, we’ll be there to provide the support you need in the future.

MTD for Income Tax

It’s worth pointing out, that from April 2024 Making Tax Digital for Income Tax will be introduced. From this date, any self-employed person or landlord who earns more than  £10,000 in total (before the deduction of expenses and other tax reliefs) will be required to digitally file records of their income and expenditure with HMRC on a quarterly basis. This will mean keeping digital business records using software which is approved by HMRC and compatible with their systems.

Non-compliance with the MTD regulations will result in penalties being imposed by  HMRC, therefore the earlier you prepare for the changes the better. Whether you need to have your books in order and systems updated by April 2022 or April 2024, we’re here to help

If you would like to have a chat about your options then please get in touch with our team of MTD experts at vat@gwayre.co.uk or alternatively, call 01289 306688.

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