MTD deadline reminder for all VAT-registered businesses

It’s been a requirement from April this year for all VAT-registered businesses to ensure digital records are kept.

This means that all VAT-registered businesses must sign up for Making Tax Digital (MTD) which is a key part of the government’s 10-year strategy to move towards a modern, digital tax service to help increase business productivity and provide better support for taxpayers.

To ensure you avoid incurring any penalties for missing the deadline to sign up to MTD, HMRC has further guidance on the key dates for registering and when to keep digital records from here.

Under MTD, businesses must keep digital records and use third-party software to submit their tax returns to HM Revenue and Customs (HMRC). You can find further information about Making Tax Digital compatible software here. 

Sign up for Making Tax Digital here.

MTD was introduced in April 2019 for those VAT-registered businesses with taxable turnover above the VAT threshold. April 2022 marked the MTD introduction date for VAT-registered businesses with turnover below the VAT threshold. For self-assessment, the date for submitting tax returns digitally will be April 2024.

McKenzies Accountants

We offer advice and guidance from setting up your business through to managing financial accounts including VAT returns. We can help to guide you on the forms to complete, legal requirements and key deadlines.

Talk To Our Team Of Accountants At McKenzies, take advantage of our free one hour initial consultation.