Are you VAT registered? Two weeks left to comply with Making Tax Digital

HMRC requires all VAT registered businesses to comply with Making Tax Digital (MTD) for their first VAT returns beginning on or after 1 April 2022 – which is just two weeks away!

As the deadline fast approaches, we wanted to highlight the options you have to comply with the legislation to avoid penalties from HMRC.

MTD means businesses must keep their records digitally and submit their VAT returns using MTD-compatible software unless that business is exempt from MTD.

Solutions

We have a variety of MTD solutions including cloud accounting software such as Xero and Quickbooks Online, which have additional benefits as well as being fully compliant. There is also bridging software available for spreadsheet users.

Our dedicated Cloud Team have been helping businesses transition to MTD since 2017. We have lots of experience and knowledge when it comes to looking at different solutions to find the best fit, whatever industry or size of business.

How we can help

Becoming compliant with MTD is easier than you think when you have a little help. Our Cloud Team can:

• Find quick fixes to meet the deadline e.g. bridging software
• Take on your compliance responsibilities altogether with bookkeeping support
• Deal with HMRC – we can sign up to MTD on your behalf
• Discuss options for you to do the compliance
• Provide discounted software
• Support with software setup and training
• Help during your first MTD VAT return submission – for your reassurance
• Answer any queries on MTD or using your accounting software

To get in touch about MTD, please contact your Account Manager at PKF Francis Clark. Alternatively, if you are new to PKF Francis Clark, please contact George Skinner – george.skinner@pkf-francisclark.co.uk or call him on 01174 039800.

Did you know?

MTD is being extended to income tax and self-assessment in April 2024 and we will be helping you through this next transition. We will release more information about this shortly. If you have any questions in the meantime, please don’t hesitate to get in touch.