Making Tax Digital for VAT – have you registered online yet?
Making Tax Digital for VAT is now live, making it mandatory for most VAT registered businesses to keep electronic records and submit VAT Returns through software.
This commences from the first VAT period starting on or after 1 April 2019.
If you have a March VAT quarter end or file VAT returns monthly you need to register now with HMRC to be in the ‘MTD Scheme’ using the following link https://www.gov.uk/guidance/use-software-to-submit-your-vat-returns#sign-up-for-the-pilot
Businesses with an April or May Quarter End need to register once the return is filed and paid.
Although registration is mandatory for most VAT registered businesses you are responsible for registering with HMRC.
Timing is important, so if HMRC currently collect your payment by direct debit, you cannot sign up in the 7 working days leading up to, or the 5 working days after, the VAT Return is due.
Do you need help with registration?
Registration can be another distraction from running your business or organisation. For those clients for whom we are registered with HMRC as their VAT agents, we will if required, undertake registration on their behalf. For further details of this service please speak to your usual Streets contact.
Once registered, you then need to activate MTD in your accounting software
Xero users: Follow this link to connect your HMRC account to Xero https://central.xero.com/s/article/Switch-to-our-new-VAT-return-for-MTD
QBO users: Go to the VAT Section, click edit VAT settings and click to turn on MTD and follow the steps.
Sage 50 users: Go to Company Preferences, click on the VAT tab and tick to enable MTD. If this tick box isn’t available you may need to download the latest version of Sage or upgrade your licence – contact Streets for help with this if required.
Using other software: Contact your provider directly. If you need a bridging solution to link your existing software to HMRC, contact us about our OneClick Bridging solution.
If you have any queries please get in touch with your usual Streets contact or email us at mtd@streetsweb.co.uk
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