Firms set for first quarterly VAT returns through MTD

MTD

 

VAT-registered businesses with an annual turnover above £85,000 are being urged to sign up for Making Tax Digital (MTD) before the scheme's first quarterly filing deadline.

 

MTD for VAT became law on 1 April 2019, requiring most VAT-registered firms to keep digital records and send returns using software.

 

For those with quarterly VAT periods that started on or after 1 April, the first deadline to submit a return using MTD-compatible software will be on 7 August 2019.

 

HMRC has issued a reminder for those businesses to register for the scheme before the 7 August deadline, and before 27 July if they're paying by direct debit.

 

The tax authority said more than 600,000 businesses have signed up so far, and 400,000 MTD for VAT submissions have been successfully made.

 

HMRC have confirmed that during the first year they will not be issuing filing or record-keeping penalties to businesses doing their best to comply.

 

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