Making Tax Digital(MTD)

VAT Registration

VAT stands for value added tax. It is considered as one of the most complex and onerous obligations imposed on the businesses by HMRC. Businesses involved with European Union member states require good professional knowledge and technical skills to properly understand the VAT concept. We are providing the following efficient yet cost effective VAT services to our clients -

  • Assistance in VAT registration
  • Assistance in filing VAT returns online
  • VAT control and Reconciliation
  • Choosing the most appropriate scheme as per business suitability
  • Advice on VAT planning & administration
  • In-depth planning in order to minimise or resolve your future problems with HMRC
Making Tax Digital

VAT Returns

Are VAT returns getting you down?

It is very necessary for businesses to submit their VAT returns before the deadline and in correct manner to HMRC. VAT compliance’s are complex to handle, Investigations by the VATman can be intense – all that more important is that your VAT returns are completed correctly.

There are two ways we can use to assist you and make sure that you are compliant with the HMRC VAT regulations –

  • Let us do your bookkeeping and we will complete the return from there
  • Give us your books and we will complete the return for you

In addition to the above, we can also help you with the following –

  • Advice on various VAT schemes and choosing the best scheme as per your business suitability.
  • Applying for VAT registration
  • Attendance at VAT inspections

Making Tax Digital for Business

VAT registered businesses with annual taxable turnover of more than £85,000 must adhere to the following rules of Making Tax digital MTD for VAT -

  • Maintain digital VAT records
  • Sign up for MTD for VAT service
  • Submit your VAT returns by using MTD compatible software

Who should follow the Making Tax Digital rules from 1st April 2019?

Businesses need to keep their VAT records and file their VAT returns digitally from 1st April 2019 if -

  • their annual taxable turnover is more than £85,000.
  • the business is not in the deferral group.

It is important that you sign up for MTD at least one week before your VAT return is due.

Who must follow the MTD rules from 1st October 2019?

Businesses in the deferral group needs to maintain their VAT records and file their VAT returns digitally from 1st October 2019 if–

  • The business is having an annual taxable turnover of more than £85,000.
  • It is a trade based overseas business.
  • Business is part of a VAT group or a VAT division.
  • It is a trust.
  • Business is a not for profit organisation which is not set up as a company.
  • It is a public corporation
  • It is a local authority
  • The business is using the annual accounting scheme.
  • The business is making payments on account
  • The business is using the VAT GIANT service

You will receive a written letter from HMRC, if you are a part of deferral group. It is important for you to sign up for MTD at least one week before your VAT return is due.

Who cannot apply for exemption?

You are not required to apply for exemption if your business is –

  • having a taxable turnover of less than £85,000 annually.
  • already exempted from filing online VAT returns.

Who can apply for exemption?

Your business can apply for exemption if -

  • You cannot use PC, laptop, software or internet due to age problem, any disability or the place where you live
  • There is any objection in using computer on religious grounds
  • Your business is subject to insolvency procedure