The first phase of Making Tax Digital officially went live on 1st April 2019 – affecting most businesses with a turnover above £85,000. If your business is affected by MTD, then you will be required to comply with HMRC’s regulations to:
Keep digital records of all VAT transactions
Use software to submit VAT returns to HMRC directly from that software, via the Making Tax Digital service
However, despite the changes and the upcoming deadlines there are still many businesses that are unprepared for the changes as they aren’t aware of them, they don’t think they are affected, or they are simply choosing to ignore them.
This could cause major problems as the first deadline is in just 16 days.
What is the 7th August deadline?
For VAT quarters ending 30th June 2019, your first MTD return will have to be filed by 7th August 2019. This is the first filing deadline since Making Tax Digital became mandatory.
If you haven’t yet signed up for Making Tax Digital, then you need to act now. For businesses who pay via direct debit, you will need to be signed up by 31st July. All other businesses need to be signed up at least 72 hours before your VAT return is due.
If you need help with going digital or complying with the new regulations, speak to our digital experts today. Visit www.thebusinessstore.org or call us on 01268770099.