Making Tax Digital For VAT - are you ready?
All VAT registered businesses must now take the necessary steps to prepare for Making Tax Digital for VAT before it becomes mandatory on 1 April 2022.
For the first VAT period beginning on or after 1st April 2022 all remaining VAT registered businesses – even those below the £85,000 threshold – must sign up and comply with the Making Tax Digital Scheme.
From April 2019 businesses over the threshold have already been required to sign up and so this process is one that we have followed in recent years for many clients.
In practical terms this means keeping VAT records digitally and submitting them via MTD compatible computer software.
For some this may mean keeping records in a slightly different way than before but we have already helped numerous clients through this process over the past few years.
While it is often thought that this can be a burden on businesses, many are seeing the benefits of digitalising their bookkeeping.
Whatever the issue, we can help ensure that you comply with the new legislation.
Please don’t hesitate to get in touch.
