From Tuesday 1 November you will no longer be able to use your existing VAT online account to file your monthly VAT returns. Businesses that file annual VAT returns only will still be able to use their VAT online account until May 2023.
It is now a legal requirement for VAT registered businesses to sign up to Making Tax Digital (MTD) and to use MTD-compatible software to keep their VAT records and to file their VAT returns.
If your business does not sign up for MTD and file VAT returns through MTD, you risk incurring penalties. The best way to avoid penalties is to start using MTD now, so you have a good amount of time to get to grips with the new system.
Even if you already use MTD-compatible software for record keeping and to file your returns, you must also register through Gov.uk before you file your next return.
I haven’t signed up and I don’t know where to start?
Don’t worry, we can get you MTD ready! Our in-house experts can guide you through the software and the process. Just give one of the team a call today to find out more. Call today on 01704 546000 or email enquiries@kirkwoodwilson.co.uk .
