Making Tax Digital(MTD)
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 -
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 –
In addition to the above, we can also help you with the following –
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 -
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 -
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–
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 –
Who can apply for exemption?
Your business can apply for exemption if -