As a result of the UK government initiative known as Making Tax Digital (MTD), all UK VAT registered businesses will have to maintain digital records and electronically submit their VAT returns to HMRC from 1st April 2019.
Please note: HMRC have made us aware of the following important information regarding signing up to submit VAT Returns digitally. This sign up must happen after what will be your last manual submission. If you are a direct debit payer, you will need to ensure the payment has left your account before sign up.
Here is an example of how it works:
• VAT Period is January to March. This VAT return is manually submitted by May 7th
• From May 7th, sign up with HMRC to submit VAT Returns electronically. This action should be completed at least 3 weeks before the end of the next VAT Period
• Do not sign up before you have submitted your last manual VAT return otherwise you will be forced to use the new digital VAT Return process
• Remember that if you are a direct debit payer, the payment must have also left your account before signing up
• The VAT Period is April to June. This is electronically submitted by August 7th and will be the first time that you use the new digital VAT Return process in Gold
If you have any queries, please refer to the HMRC website here for more details.
Here are the resources we have to showing how this initiative impacts Gold. Be sure to check out these HMRC and government webpages to get more information.