Is it Easy to Submit A VAT Return Using MTD Software

Is it Easy to Submit A VAT Return Using MTD Software?

With the government in the process of Making Tax Digital, businesses are moving towards keeping finance records digitally. After several delays, the MTD for VAT scheme comes into full force from 1st April 2022. Previously the rules only applied to VAT registered businesses with a taxable turnover over the registration threshold. Under MTD, they are…

Can I Register for VAT Before Reaching the Threshold?

Current VAT rules require that a business to become VAT registered once it hits £85,000 a year in VAT taxable turnover. But, can a business register before that? The short answer to this question is yes. Businesses can register for VAT even if they haven’t yet reached the £85,000 registration threshold. Whether or not this…

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Making Tax Digital for VAT

Why has the government introduced Making Tax Digital for VAT? HMRC have issued VAT notice 700 / 22 (Making Tax Digital for VAT) so that accountants and businesses will be able to efficiently file and preserve records digitally going forward. The modernised process, will comply with the legal requirement of submitting VAT records using software,…