As HMRC’s deadline approaches, many of our clients are asking about how to sign up for Making Tax Digital for VAT.
If you are a LawWare client, your software will be updated before the deadline so that you can connect. However, you still need to sign up with HMRC to get the ball rolling.
To help you to do this, they have produced a series of videos and online guides. The video below gives the basics for signing up.
In addition to this you can also find a general overview of how MTD affects your business in the video below and on HMRC’s website.
LawWare has produced a brief introductory guide to MTD which you can find by following this link.
Further information.
You can find further information on MTD by following the links below.
- Overview of MTD by HMRC.
- A series of MTD articles provided by the Institute of Chartered Accountants.
- AccountingWeb blog.
- HMRC Flat Rate VAT Scheme.
- HMRC Flat Rate Calculator.
FAQs – How to sign up for Making Tax Digital for VAT
How to sign up for Making Tax Digital for VAT FAQs
What is MTD?
What software do I need for MTD?
In the words of HMRC, MTD is about ‘helping businesses to get their tax right’. Underpinning its introduction is the goal of addressing the £9bn of tax lost every year due to errors.
What are the advantages of MTD?
With the right software and reporting procedure MTD gives businesses:
- a clear view of their tax obligations
- access to their tax information online in one place
- the ability to work collaboratively with advisors and agents
- the ability to plan and budget effectively
Who does MTD apply to?
The first tax to come under the wing of MTD is VAT. All VAT registered businesses with turnover of £85,000 (the current threshold) or more will need to account for their VAT obligations digitally with VAT return periods starting on or after 1 April 2019. Exemptions are listed below.
What software do I need for MTD?
Under MTD you will need software that keeps your accounting records and can submit your VAT return to HMRC.
