With only a few days to go before the commencement of HMRC’s Making Tax Digital for VAT (MTDfV) many businesses may still be uncertain about when they should be registering and from which VAT return period the new rules will apply.
The key point to remember is not to sign up too early. If you’re responsible for submitting your VAT returns and you do not rely on an agent to do this for you, then signing up too early means you will join the pilot scheme prior to MTDfV coming into effect.
Additionally, once signed up you will not be able to submit your non-MTD VAT return via the usual method, i.e. using your current Government Gateway credentials.
– Vicki Longmore MICB, MD Starbooks Ltd
To assist you to establish when you need to register for MTD see the table below:
|Quarter end dates||Last non-MTD submission covers period ended||Last non-MTD return submission deadline||Signup to MTD between||First MTD return submission deadline|
|31 March 2019||7 May 2019||15 May 2019|
16 July 2019
|7 August 2019|
|30 April 2019||7 June 2019||17 June 2019|
16 August 2019
|7 September 2019|
|31 May 2019||7 July 2019||15 July 2019|
15 September 2019
|7 October 2019|
How Can Starbooks Help Businesses Prepare for MTDfV?
We can help you in the follow ways if you act now:
- We can determine whether you will require bridging software to convert your spreadsheet data.
- We can speak to your accounting software provider to establish if you are required to upgrade your accounting package, and if so, at what additional costs.
- We can help you to consider migrating your accounts data to the cloud. There are several cloud accounting options available to choose from.
For a limited time only* we are offering a standard Xero Subscription (fully MTDfV ready) FREE for 6 months when signing up to our Bookkeeping services. Please get in touch for further details.
*Offer ends 30/04/2019