From Tuesday 1st November, VAT registered businesses not already signed up to Making Tax Digital, will no longer be able to use their existing VAT online account to file their monthly or quarterly VAT returns. It is now a legal requirement to sign up to Making Tax Digital and use compatible software to file returns. If you don’t you may face penalties.
It’s easy to sign up – using the following steps.
1: Choose a MTD compatible software that is right for you. You can find a list of options on gov.uk or talk to your accountant.
2: Check the permissions in your software, and allow it to work with MTD. You can then file your returns easily.
3: Keep digital records for your current and future VAT records.
Your accountant may offer training in the compatible software you choose, or offer packages with their practice that includes it.
If you need help or advice about Making Tax Digital for VAT – contact Soldi Partners.
