We have only 20 days left to file the first mandatory MTD VAT Return and we are still encountering businesses that are not ready. The vat return for quarter ended 30 June 2019 is due by the 7 August and some businesses have yet to register.
Our advice is to act immediately as HM Revenue & Customs are reportedly encountering numerous issues and may not be in a position to deal with the flood of applications in August.
Four vital steps to getting ready for MTD:
- Choose MTD compatible software
- If you have software, check that it is MTD ready
- Sign up with HM Revenue & Customs
- Authorise your software for MTD
VAT Notice 700/22 Making Tax Digital for VAT gives guidance on the digital record keeping and return requirements for MTD. You should note, bookkeeping requirements have changed under MTD. It is important to understand the new requirements and take the necessary steps to revise your system if needed.
Always seek professional advice if you are unsure of any aspect of MTD.