As a business managing your own VAT returns under the Making Tax Digital (MTD for VAT) rules that came into effect this year, it is important to note that some important dates are coming up.
Registering for MTD for VAT
You can register for MTD for VAT via your Government Gateway account before you sign up to MTDfVAT. HMRC have published advice online.
Ensure you have completed your last VAT return under the old system before signing up to MTDfVAT. You will be unable to change back once registered. Allow 24 hours after submission of your last VAT return before signing up.
MTD for VAT Key Dates
If your first quarterly VAT return under MTD falls on 7th September, you will need to sign up by July 23rd.
If you want to pay your VAT bill by direct debit, you must be registered onto the Making Tax Digital for VAT scheme by 27th July for returns due on 7th August.
Please note that you must allow 7 working days between sign up and submission if you are paying by direct debit.
For most of the 1.2 million businesses affected by Making Tax Digital for VAT, their first return will fall due on 7th August. This is for the first mandated quarter starting April 1st 2019.
If your first quarterly VAT return under MTD falls on 7th October, you will need to sign up by August 22nd.
Once you’ve signed up to MTD you will receive a confirmation email from HMRC within 72 hours. Do not submit your VAT return until you receive the confirmation email.
You need compatible software. MTDfVAT is a bridging tool that works alongside Excel or your current bookkeeping software, so you aren’t paying expensive upgrade charges. The software is cloud-based so you can access it wherever you can access the internet. The low annual fee and no hidden extras means a cost-effective and reliable solution for MTD for VAT.