Making Tax Digital Takes 7 Days – Are You Ready?

In News by Caroline

With only days until Making Tax Digital for VAT (MTD for VAT) comes into effect on 1 April, HMRC has issued a notice to UK businesses that they need to allow for a 7 day registration period.

Any businesses with a taxable turnover above the VAT registration threshold (currently £85,000) will need to be digital ready and registered on HMRC by 1 April. The initiative means that businesses need to keep some records digitally and use a compatible software programme that connects with HMRC systems.

If you are still to sign up for MTD for VAT, you will need your Government Gateway user ID and password and VAT number.

Once registered, HMRC will send a confirmation email within 72 hours. HMRC have specified that businesses should not submit their VAT return until they receive the confirmation email.

If you need advice on any area of accountancy and VAT requirements then please get in touch. For further guidance from HMRC visit here.