Who must comply from 1 April 2019?
Basically, all VAT registered businesses with turnover in excess of £85,00 will need to comply unless they qualify for deferment.
Who must comply from 1st october 2019?
The following businesses will not need to join MTDV until this later date. They include a business that is:
- part of a VAT group or VAT Division
- based overseas
- a trust
- a not for profit organisation that is not set up as a company
- submits annual returns
- a local authority
- a public corporation
- makes payments on account
- uses the VAT GIANT service
Do you use compatible software?
In order to comply with the new MTDV rules you must use software that links directly with HMRC’s computer systems.
Almost all accounts software suppliers now have versions of their applications that will do this.
Check with your software supplier to make sure the version you are using is MTDV ready.
If it’s not, then upgrade to a MTDV version or change to a software supplier who is compliant. Readers who are unsure which software package to use, or who presently use spreadsheets or hand written records, should call us now, we can help.
Sign up for MTDV
Even though MTDV is compulsory you are still required to register with HMRC to get permission to file VAT returns using the new protocols. You can complete this process online.
Again, if you are unsure what you need to do, we can sort this out for you.
Authorise your software
When you have sorted out a compatible accounts software product and registered for MTDV, the last piece of the puzzle is to authorise your software, i.e. link your software with your MTDV account at HMRC.
Your software supplier should advise how this can be done.
The process of getting ready for MTDV is a one-off exercise, once done the filing of returns should be fairly routine.
However, HMRC’s record in integrating new computerised processes is far from satisfactory. It remains to be seen if the development work and beta testing has been comprehensive enough to weed out any issues.
If you encounter problems with any of the registration processes or would our help, please call.
Hamilton Morris Waugh
Tel : 02891 275424
Email : email@example.com
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