MTD – It’s now live. What do you need to do and how can we help.
5th May 2019
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Up until 31 March 2019, HMRC were running a pilot and only a small number of businesses had signed up to this. MTD is now live and businesses with taxable turnover over the VAT threshold of £85,000 have to sign up to MTD and submit their monthly or quarterly VAT returns through a digital link or through digitally enabled software. If you are caught by the new rules but aren’t ready, the first thing you need to do is establish from what date you need to comply. I have set out below the dates based on the different VAT quarters:

RETURN PERIOD

WHEN YOU MUST FILE THROUGH MTD

 

 

Monthly returns

Monthly return for 30 April 2019

March, June, September and December

Your quarterly return to 30 June 2019

April, July, October and January

Your quarterly return to 31 July 2019

May, August, November and February

Your quarterly return to 31 August 2019

 

At Albert Goodman, we have partnered with a number of software providers and are able to help with any changes you need to make. If you don’t fancy taking this on yourself, we also offer a bespoke outsourcing service, which involves us keeping your books for you. We do this using Xero cloud accounting software, which is fully compliant for MTD. As part of this service, we can also prepare monthly or quarterly management accounts so that you can get up to date figures for your business on a more regular basis

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About the Author

Graham R

Member since: 2nd December 2016

With over 30 years experience in Sales & Marketing ,along with a superb back-up from Head Office ,you can be assured of good advice .
My objective is to help businesses grow their presence in the local...

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