Making Tax Digital for VAT

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MTD for VAT has been in place for a few years now, so you would think there is nothing to share here, but this is not the case!

HMRC is more active than ever in chasing up those businesses that still are not compliant.

What does MTD for VAT mean?
Under MTD for VAT, businesses must report the same data as before, but how the returns due are submitted has changed.

What are digital records?
They are not boxes overflowing with invoices and receipts! They can be spreadsheets or records prepared on accounting software. Once transactions are recorded digitally, any transfer of that data to other software packages can only be made through a digital link.

Want to understand more?
Speak to our digital team, they can talk CSV imports, API transfers, and more…

Just want someone to tell you what to do?
Again, speak to our digital team and they will deal with this for you. They understand all this so you don’t have to.

Who is exempt from MTD VAT?
Some people are exempt, if this might be you, speak to us. You can’t simply choose to be exempt; you need to agree on alternate arrangements with HMRC.

Reasons for claiming exemption include:

  • Inability to use technology for reasons of disability, age, or remoteness of location.
  • Religion, if your beliefs prevent the use of computers.
  • Insolvency, while a business is subject to insolvency procedures.
  • Not VAT registered!