HMRC has released a warning to businesses to make sure they are ready for Making Tax Digital for VAT.
The deadline is 1st April 2022. All businesses that are VAT registered have to sign up to MTD for their first VAT return, starting on or after 1st April 2022. The instruction is that businesses must sign up to MTD at least five days after their non-MTD VAT return deadline date, and no less than seven days before the first MTD VAT return deadline date – or the company may have to pay twice!!
They also notified businesses that those that do not sign up will be charged a penalty for failure to do so.
Are you ready or do you need some help?