fbpx

If you have yet to act, follow our guidance to avoid any last minute chaos.

Businesses will be filing their last VAT return under the old filing system for their March 2019 month/quarter end. If they are not using any software, they must maintain digital records from 1 April 2019 onwards to submit their MTD VAT returns.

Registration of a business for MTD

If you have not already been registered for the MTD pilot scheme, there is still time to take action before it is too late.

After obtaining new government gateway identification through Agents Service Account (ASA), you will be registering your clients for MTD. When registering clients, you must categorise your clients and plan dates for their registration so a smooth transition takes place. You can use the following planner to register your clients for MTD:

Quarter ended Registration start date for MTD via ASA Registration deadline First MTD VAT return due date
30 June 14 May 17 July 7 August
31 July 14 June 16 August 7 September
31 August 14 July 13 September 7 October
       
Monthly return 1 April 2019 to 30 April 2019 14 May 16 May 7 June

 DO NOT:

  1. Register within five days after the filing deadline of a VAT return.
  2. Register within 15 days before the filing deadline of a VAT return.

What is Making Tax Digital (MTD)?

All UK VAT registered businesses with a turnover of £85,000 must register for MTD for VAT (MTDfV) and maintain digital records for the period commencing 1 April 2019, to file their VAT returns. Few exemptions are available from compliance: HMRC guidance can be followed to check if you are eligible. Some businesses have until 1 October 2019 to implement these changes due to their complicated structure and VAT schemes. VAT Notice 700/22

MTD for VAT FAQs

MTD for VAT is now days away and to help you, we have compiled a list of FAQs which should cover most of your initial queries and concerns

Article from ACCA In Practice