Sheffield based Accountants and Business Advisers
Tel: 0114 288 0775     Email: info@firstaccountancy.co.uk

MTD for VAT CAN WE HELP?


MTD for VAT CAN WE HELP?

MTD for VAT is the name HMRC are using to describe the new VAT regime which commences from 1st April 2019 This is a major change which affects VAT registered businesses with a turnover of £85000, VAT submissions will now have to be submitted in a digital format, clients will no longer be able to use the HMRC portal to submit returns. VAT registered businesses
• All VAT businesses must keep their VAT records stored digitally
• VAT return must be sent via MTD compliant software, to help HMRC to interact digitally with the client.
• Help HMRC to tax in real time
• All VAT registered businesses will now have a single financial account for their business
VAT Notice 700/22 Making Tax Digital for VAT addresses the issue of what constitutes a digital record. Digital records of the required information can be kept in a range of compatible digital formats, but the transfer of that data must be digital.
If you are our clients we would assure you that we are fully complaints to submit VAT returns for MTD for VAT
• If we submit VAT returns for you there will be no change as we we are compliant with MTD for VAT.
• Clients who have up to date software should be able to submit as normal, although check as only the latest version tends to be mtd compliant. You will probably need to set up a new account with HMRC.
• If your system is not up to date or you use spreadsheets to work out your VAT we can provide a MTD for VAT filing service if that makes your life easier.
If you are not a customer of our practice please contact us on 0114 2489508 as we can help you with VAT for MTD in a number of ways to cope with this change in VAT rules. We offer free MTD software for our clients ig they wish to use this, including submission through our in house bridging software.
Please note MTD for VAT commences with your first VAT return after 1st April 2019:which must be filed as follows.
• By 7th August 2019 for VAT quarter to 30th June 2019
• By 7th September 2019 for VAT quarter to 31st July 2019
• By 7th October 2019 for VAT quarter to 31st August 2019
We are happy to hear from you and look forward to answering your questions telephone 0114 2880775 or email info@firstaccountancy.co.uk

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