Making Tax Digital (MTD) – The Sign Up Process as explained by Stewart Davy.
The first mandatory submission for quarterly VAT filers will be the 30th June, and VAT return due by the 7th August (monthly filers have already made at least one submission by now). Please remember that HMRC do not automatically know that a business will be required to comply with MTD, instead each business must itself determine if and when it needs to comply with MTD and complete a two-stage sign-up process before the relevant MTD style submission can be made.
Firstly, notification to HMRC has to be made via their website that the business needs to comply with MTD going forwards. Secondly, the business needs to connect the MTD compatible software to HMRC’s systems (which should only be done once the confirmation email is received back from HMRC to the first point above acknowledging the successful sign up).
As it can take up to 72 hours for HMRC to confirm each sign up, this shouldn’t be left until the point at which the submission is to be made, and we would recommend that all affected businesses aim to have their sign ups completed by mid-July.
If Argents submit your VAT returns we will be completing this sign-up process on your behalf, and in fact we have already signed up most affected clients. If you will be submitting your own VAT returns and would like any advice about the sign-up process, please get in touch with Stewart us as soon as possible- firstname.lastname@example.org