Making Tax Digital – when you need to sign up and what you’ll need

7th June 2019

We are now two months past the start date of the 1st April 2019 for Making Tax Digital for VAT and into the last month of what will be some businesses first VAT quarter under Making Tax Digital.

Some businesses may not be aware that even though they may be on MTD compliant software that they will still need to sign-up and signing-up at the right time is key to a smooth transition onto the new MTD regime.

HMRC recommend that you do not sign-up until you have submitted your last non-MTD VAT return. If you have signed up for MTD before your last non-MTD return is submitted then you MUST submit your return using MTD compliant software. If you submit it through the government gateway it will be rejected.

When to sign-up

If you pay by direct debit you must allow 5 working days after the filing deadline for your final non-MTD return and 7 working days before the filing deadline to file your first return under MTD.

If you pay by other methods or are in repayment position you must allow 24 hours after your last non-MTD return before signing up and 72 hours after signing up before filing your first return under MTD.

What you will need when signing up

All the information your business will need to sign-up for Making Tax Digital should be available on its business tax account but to summarise the following is needed:

  • Government gateway user ID and password
  • A business e-mail address for receiving VAT information
  • VAT registration number
  • Company registration number (if a company)
  • Self-assessment unique taxpayer reference (if an individual or a partnership)
  • Corporation tax unique taxpayer reference (if a company)

If your business needs any assistance with signing up for Making Tax Digital or how it affects you please contact your local W&P office: https://www.whitingandpartners.co.uk/about-us/contact-us/



 
Other items in Blogs
 
Lisa Smith
29th September 2020 Extension to deferment of VAT due

On 24 September 2020 the Chancellor announced and extension to scheme allowing for the deferment of VAT for businesses affected by Corona Virus.  Businesses that took advantage of the arrangements to defer VAT payments due between 20 March and 30 June 2020 until 31 March 2021, will have the option to pay the outstanding amounts…

Read More »

Chris Kelly
25th September 2020 COVID-19 Business Support – Winter Economy Plan

  With the Autumn Budget cancelled the Chancellor has announced a Winter Economy Plan introducing a package of measures to support businesses.   The highlights are:   The Coronavirus Jobs Retention Scheme (CJRS) – Will end as planned on 31 October 2020.   A new Job Support Scheme – To support viable UK employers who…

Read More »

Steven Denton
25th September 2020 HMRC Job Support Scheme (JSS)

On 24th September the government announced the launching in November of the Job Support Scheme to replace the existing Furlough Scheme that is feted to end on 31st October. The JSS is to run from 1st November through to 30th April, but initial rules may be amended after three months.   To qualify for the…

Read More »

Matilda Mawson
25th September 2020 2019/20 Pension Savings Statement – Request yours today!

  If you have made contributions to a registered pension scheme of more than £40,000 in the tax year, your scheme administrator should automatically send you a pension savings statement by 6 October 2020. This will detail your total pension input for the 2019/20 tax year as well as your pension input for the 3…

Read More »

Ian Piper
24th September 2020 Corporation Tax due soon: Not necessarily.

Companies with 31 December 2019 year ends will be due to pay their corporation tax on 1 October 2020. If that company is expecting to suffer a loss during the 2020 financial year, perhaps due to COVID-19 related reasons, it should be possible to carry that loss back one year and claim a refund of…

Read More »

Ruth Pearson
17th September 2020 Fuel Rates From September 2020

HMRC have updated the latest company car advisory fuel rates. These rates apply from 1 September 2020.   The guidance states that you can use either the previous or current rates, for up to one month from the date the new rules apply.   The new rates per mile are below: Engine size Petrol LPG…

Read More »