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HMRC announced in July 2020 that all VAT-registered businesses – regardless of income - must file digitally through Making Tax Digital (MTD) as of April 2022. All businesses with a turnover of above £85,000 should already be filing through MTD.
MTD is one of the new processes HMRC is introducing to completely digitalise the UK's tax system. MTD makes filing taxes effective, efficient and simpler for VAT-registered businesses. It is essential taxpayers keep digital financial records to make processing returns easier and accurate.
All businesses regardless of income must be signed up to MTD by 1st April 2022. To do this:
In order to sign up, you need:
Signing up for MTD can be a time-consuming and confusing process, especially without all the right documents. With time running short, it may be a wise choice to ask for professional help. Please don't hesitate to get in contact with us today for assistance when signing up to MTD.
If you wish to talk to Gibbons Mannington & Phipps over the phone, request a call back using our helpful form below.