120k firms miss MTD for VAT deadline

Making Tax Digital

 

More than 120,000 VAT-registered businesses in the UK missed the August deadline to file returns through Making Tax Digital (MTD).

 

HMRC confirmed that around 116,000 businesses with quarterly obligations and 5,000 firms that file monthly returns did not sign up in time.

 

 

Most VAT-registered businesses with annual taxable turnover of more than £85,000 have to keep digital records for periods starting on or after 1 April 2019.

 

Usually, non-compliant businesses would expect a fine of up to £400 for missing their VAT return deadline.

 

But HMRC is adopting a light-touch approach to penalties until 1 April 2020, to give businesses enough time to adjust.

 

More than a million firms have been mandated so far, including around 200,000 businesses with turnover below the £85,000 VAT-registration threshold.

 

Lentells are able to work with you ensuring you are fully prepared for the introduction of Making Tax Digital. As QuickBooks Platinum ProAdvisors we can recommend the best package for your business and provide on-going support and training. 

 

 For more information please go to:  https://www.lentells.co.uk/services/business/making-tax-digital