VAT online service to be withdrawn soon
Making Tax Digital for VAT-registered businesses has been mandatory since April 2022. However, up until now you have been able to file returns using the old online VAT account. When is this changing?
The option to complete VAT returns using the online VAT account will be removed from 1 November 2022, unless your business is exempt from the requirements of Making Tax Digital for VAT (MTDfV). Going forward, filing via MTDfV-compliant software will be mandatory. If you fail to do this, you could be charged a penalty. If the return is not filed on time, your payments will also be affected which cause further issues.
If you haven’t already signed up for MTDfV, you must do this as soon as possible. You will need to follow the guidance to set yourself up for this, or you can ask an accountant or tax advisor to file on your behalf (though you will still need to keep digital records).
Related Topics
-
Tax relief for lending to your company
You can usually claim tax relief for money you borrow personally to lend to your company. It sounds straightforward but there are in fact a number of restrictions to trip you up. How do you secure the tax relief?
-
Who can't yet sign up for MTD IT?
Making Tax Digital for Income Tax (MTD IT) becomes mandatory from April 2026 for sole traders and landlords with qualifying income over £50,000. However, HMRC’s current guidance makes clear that not everyone can sign up yet. If you are preparing early, are you actually eligible?
-
Pay self-assessment tax
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.