The Quarter Ended 30 June 2019 Is The First Mandatory Quarterly VAT Return to Be Filed Under MTD - Don't Leave it Too late to Register!
VAT registered businesses with a taxable turnover above the VAT threshold of £85,000 should by now have their functional compatible software in place.
The first mandatory quarterly VAT returns to be submitted digitally under Making Tax Digital (quarter ended 30 June 2019) are due on 7th August 2019. It is important to remember that if you haven’t yet registered for MTD you must do this first, but don’t leave it too late, as it takes HMRC up to 72 hours to process the registration. You also won't be able to register for MTD if there is less than 72 hours to the filing deadline so please be sure to allow plenty of time.
Please also bear in mind that if your business pays VAT by direct debit you will need to be signed up to MTD for VAT sooner.
For more information about registering for MTD please click here for a recap on our previous article which contains useful information and a handy timetable that may be helpful.
MTD is a big change for all of us and unfortunately, it’s not going away. However, we believe this is a great opportunity to review and improve your existing systems, making the most of the fantastic array of cloud software and apps available.
If you would like to discuss MTD further, please feel free to contact our Cloud Accounting & Business Outsourcing Manager, Sarah Smith on the details below: