Making Tax Digital Update

HMRC have informed us that from Tuesday 1st November 2022, we will no longer be able to use the existing VAT online account to file the quarterly or monthly VAT returns.
Businesses that file annual VAT returns will still be able to use their VAT online account until 15th May 2023.
By law, VAT-registered businesses must now sign up to Making Tax Digital and use MTD-compatible software to keep their VAT records and file their VAT returns.
If you are not signed up for MTD yet, please contact us and we can sign you up for it. If you are not signed up to MTD and file your VAT returns through MTD-compatible software, you may have to pay a penalty. The best way for your business to avoid penalties is to sign up today and get used to the change that will be happening later in the year.
If you are already exempt from filing VAT returns online or if your business is subject to an insolvency procedure, you are automatically exempt.
 
If you’re not sure about any of the above, please get in touch.
 
0121 517 0820
[email protected]