For VAT registered businesses with turnover above the VAT threshold, we are now in the final countdown to MTD, with the vast majority of those businesses needing to “go digital” for their next VAT return period starting on or after 1 April. Our previous blogs have talked about the requirements, but how, and when, do you actually need to sign-up to MTD?
Sign-up takes place via the HMRC website, and you can access the relevant page by clicking here.
You will need your Government Gateway login and VAT registration number in order to complete the sign-up process.
However, be careful not to sign-up too soon. Once you have completed the registration process you will only be able to file VAT returns using the MTD procedure, so make sure you don’t sign up before you are ready to go (i.e. until after filing any returns you plan to file using the old procedure).
The Chartered Institute of Tax have produced a handy guide to exactly when you can sign-up, which can be downloaded here.
The sign-up window can be particularly short if you pay by direct debit and / or file monthly returns, so you will need to pay close attention. If you miss your sign-up window, then it is possible that you will find yourself unable to make your VAT filing.
If you are still not ready, then the Ensors team is here to help, whether it is helping you subscribe to discounted digital accounting software, providing an Excel based bridging tool, or taking the stress away by doing your filings or full bookkeeping for you. For more information please click here.