VAT Return (MTD)

Making Tax Digital

Making Tax Digital (MTD) for VAT has been implemented since April 2019 which means businesses with taxable turnover above the VAT registration threshold (currently £85,000) are required to keep business records for VAT purposes digitally and file VAT returns using MTD-compatible software.

If you’re just starting out

We can assess and advise you on your options for VAT registration, the different types of VAT schemes available and the scheme that is most suitable for your business. Some VAT schemes are designed to help small businesses in its initial stages save time and money. If you are not required to register for VAT based on your expected turnover we will advise you whether you would benefit from voluntary registration.

If you are not registered for VAT, we will monitor your situation so that should it become compulsory for you to register we will complete any registration procedures with HMRC to ensure you remain compliant.

If you’re VAT registered

We will keep on top of your VAT Returns, check your VAT Return figures are correct and submit your VAT Returns timely to HMRC using MTD compatible software.

We will also monitor your position for when we think you are able to and would benefit from deregistering.

What if something goes wrong

Errors in VAT Returns, late registration, late submissions and late VAT payments can lead to penalties and interests being charged. HMRC carryout routine inspection of VAT registered businesses. Serious errors or omissions can also lead to investigation and even large fines & penalties being imposed.

We can help

Allowing us to take care of your VAT affairs will not only give you peace of mind but also avoid wasting your hard-earned cash on penalties and interests.

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