First Mandatory Quarterly Making Tax Digital VAT Returns Are Due
If you haven't registered yet then get a move on ...
POSTED BY ROGER EDDOWES ON 22/07/2019 @ 8:00AM
The first mandatory quarterly Making Tax Digital VAT Returns (for the period ending June 30th) are due by 7th August ...
If you haven't registered for Making Tax Digital for VAT yet then get a move on!
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How many days is that? Not many at all! And 1.2 million businesses are now affected by the MTD rules which became law for VAT periods starting on or after 1 April 2019. These businesses will be required to submit their first quarterly VAT return to HMRC using software by the 7 August 2019. If paying by direct debit, these businesses must register by Friday 27 July 2019.
HMRC issued a reminder on 11 July 2019 and revealed that:
at the moment, around 10,000 businesses are registering for MTD every day
more than 600,000 businesses have signed up in total, with some 400,000 submissions already successfully made using software
businesses in the agriculture sector (such as farmers) have been one of the fastest groups to sign up to MTD, with 50% already registered
the financial sector has been one of the slowest to sign up, with nearly 75% yet to sign up
I anticipate a final rush to either register or submit; if you are affected, please do not leave it until the first week of August!
HMRC has admitted there have been numerous issues with the Making Tax Digital signup process, and you may find that you cannot register or connect in the final days before the return is due. It is vital you get this sorted well before time.
The first thing to do is make sure that you are signed up and that process has been finalised. It takes at least 72 hours for validation and may not be fully completed even when you receive your confirmation email.
"Would you like to know more?"
If you'd like to find out more about filing your Making Tax Digital VAT return then do give me a call on 01908 774320 or click here to ping me an email, preferably before 1pm on Friday 26th July.
Until next time ...
More about Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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