MTD for VAT legislation from 1 April 2022 – are you affected?
Making Tax Digital (MTD) is, according to the Government themselves, a key part of helping businesses and individuals keep their financial affairs in good order.
Most VAT registered businesses over the current threshold (£85,000) had to join the system from 1 April 2019. The next phase comes into force on 1 April 2022.
What changes?
From the first VAT return after 1 April 2022, all remaining VAT businesses (mostly those under £85,000 turnover) will need to:
- Sign up to MTD
- Keep digital records (for VAT purposes only)
- Use MTD compatible software to submit the VAT return
If you have an exemption, then this won’t apply to you. To apply for an exemption there has to be a good reason. It could be because:
- of your age, a disability or where you live
- you object to using computers on religious grounds
- of any other reason why it’s not reasonable or practical
If you think one of these could apply then please get in touch and we can help you apply.
If you don’t currently use a compliant digital software solution, and are unsure where to start, please get in touch and we can either advise the best solution based on your circumstances or discuss whether it is time to have us take over things for you.
We have helped hundreds of businesses, of all sizes. comply with ever-changing legislation over the last 20 years and will be happy to help you too.
Please email us at enquiries@tenforwardfinance.co.uk or call us on 020 8446 6112
