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Making Tax Digital New HMRC Accounts

As you know Making Tax Digital for VAT is being introduced this year requiring you to file your VAT Returns electronically using compliant software.  Most of our clients are now on compliant software.  Those who are not we will be assisting in the transfer in the next few months.

H.M. Revenue & Customs has now started to send out letters informing you about the requirement to set up a new H.M. Revenue & Customs account in order to submit your Making Tax Digital VAT compliant Returns.

I suggest that you wait until you have filed your next VAT Return which will be your final one under the old system.  Our understanding from H.M. Revenue & Customs is that once you have registered for the new system you will no longer be able to submit your VAT Returns using your old log in.  This could be a problem if your bookkeeping system is not yet up and running.

To comply with Making Tax Digital legislation your will be required to keep digital records and submit your VAT Return directly through your software without any manual intervention.  As I understand it, the new system is completely separate from the current portal where you file your VAT Returns and the ability to file this way will be turned off.

HMRC Making Tax Digital MTD udpate

HM Revenue and Customs have released the following

http://www.gov.uk/government/publications/making-tax-digital-for-business-stakeholder-communications-pack/making-tax-digital-for-business-stakeholder-communications-pack

It gives a detailed update of how MTD for VAT will be implemented from 1st April 2019. If you are worried about your imminent obligations under MTD then please call Peter on 01752 220 555 to discuss how we can help.