{"id":2407,"date":"2022-01-13T04:00:00","date_gmt":"2022-01-13T04:00:00","guid":{"rendered":"im-23070"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T00:00:00","slug":"are-you-registered-for-making-tax-digital-for-vat","status":"publish","type":"post","link":"https:\/\/ep-accountants.co.uk\/are-you-registered-for-making-tax-digital-for-vat\/","title":{"rendered":"Are you registered for Making Tax Digital for VAT?"},"content":{"rendered":"

Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from April 2022. The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their VAT return information to HMRC using MTD compatible software.<\/p>\n

The extension of MTD from April 2022 will apply to all VAT registered businesses with turnover below the VAT threshold of £85,000. This change was first announced in July 2020 and about a third of businesses mandated to sign-up from April 2022 have already voluntarily chosen to use MTD.<\/p>\n

If you are affected and have not yet signed up, we would urge you to start the process as soon as possible.<\/p>\n

To sign up to MTD for VAT, businesses, or their agent need to:<\/p>\n

    \n
  1. Visit GOV.UK and choose Making Tax Digital-compatible software<\/a>. For many businesses, the software they are using should already be compatible with MTD.<\/li>\n
  2. Keep digital records starting from 1 April 2022 or the beginning of their VAT period<\/li>\n
  3. Sign up and submit their VAT Return through Making Tax Digital<\/li>\n<\/ol>\n

    A small number of VAT-registered businesses may be eligible for an exemption from MTD, if it is not reasonable or practicable for them to use digital tools for their tax. If a business has previously been granted an exemption for VAT online filing, this will carry over to MTD VAT requirements.<\/p>\n

    Source: HM Revenue & Customs Tue, 11 Jan 2022 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"

    Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from April 2022. The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of \u00a385,000 became<\/p>\n","protected":false},"author":1,"featured_media":2408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[24],"tags":[],"_links":{"self":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts\/2407"}],"collection":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/comments?post=2407"}],"version-history":[{"count":0,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts\/2407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/media\/2408"}],"wp:attachment":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/media?parent=2407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/categories?post=2407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/tags?post=2407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}