The next phase of Making Tax Digital for VAT began in April 2022.
HMRC announced on 28th January 2022 that the next phase of Making Tax Digital for VAT began in April 2022.
In this phase, businesses with a turnover of above £83,000 will be required to file their VAT returns digitally.
Here is some more information about the changes:
- From 1st April 2023, all businesses with a taxable turnover of £83,000 or more must keep their records digitally and file their tax returns electronically by 31st January 2024 (or 28th February 2024 if you use an agent)
- This applies whether or not you previously made digital filings under Making Tax Digital for Business (MTDfB). If you had not previously registered with MTDfB but have now reached the threshold at which it becomes mandatory, HMRC will send you a letter asking how they can help get your business ready before 2020.
Anyone with a threshold less that £85,000 who is already VAT registered will now have to submit their VAT digitally
If you have any queries please call the team on 01609 882408