VAT returns for small businesses
Since April 2019, businesses above the VAT threshold (currently £85,000) have been required to file their VAT returns online, known as Making Tax Digital.
Since April 2022, this includes all small businesses under the VAT threshold. Be aware, it takes around 8 working days for HMRC to set up businesses for MTD for VAT.
Businesses can sign up for MTD for VAT at any time prior to their first required submission date. It is very simple for we bookkeepers to set up for you and HMRC has made the transition as easy as possible for businesses to comply.
From April 2022, businesses will be required by law to:
There will be limited exemptions for these requirements where the requirement is recogised as unreasonable, including: age, disability, remote location with no access to the internet, objection under religious grounds