When Making Tax Digital (MTD) for VAT was introduced in 2019, it didn’t include around a million VAT-registered businesses and individuals.
This was because they were voluntarily registered for VAT and were beneath the VAT registration turnover threshold (currently £85,000).
So, they could carry on filing VAT Returns the way they always had.
But this changes in April 2022.
At that point, all VAT-registered businesses and individuals must follow the rules for MTD for VAT, even if they’re voluntarily registered. This means they must use MTD-compatible software for their VAT accounting and store key VAT accounting data digitally.
MTD aims to remove a lot of the accounting admin burden for businesses, freeing you up to do more of what you love. Get on top of it and your business will thank you.
A guide to Making Tax Digital for VAT is a completely new and free e-book that tells all businesses what they need to know about MTD for VAT as we head towards the April 2022 implementation date.
Inside the pages of the guide, you’ll learn about:
- Signing up for MTD for VAT, and what you’ll need to do so to be legally compliant
- Exactly what MTD for VAT requires of businesses, and the changes you might need to make
- How MTD for VAT affects the rest of your VAT and everyday accounting
- Whether spreadsheets can be used for MTD for VAT accounting
- How working with your accountant will help you get the most from MTD for VAT
- And much more…
The world is going digital and businesses are not exempt from this revolution.
The benefits are huge in terms of time saved on admin tasks and a reduction in stress.
There’s not lots of time left before MTD for VAT arrives for voluntary VAT-registered businesses, so you should begin with your preparations today if it will affect you.
Get our free guide today and get started now.
A guide to Making Tax Digital for VAT
Need help with Making Tax Digital? Download this free guide to learn about MTD for VAT, so you can send your VAT Returns in line with HMRC's requirements.
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