Businesses that are still filing online using the HMRC old system will no longer be able to file monthly, or quarterly, VAT returns from 1st November 2022. Businesses that file annual returns will have a little longer, until 15th May 2023 before the service is withdrawn.
This is because HMRC now expect that VAT registered businesses to be registered for MTD – Making Tax Digital. This involves using MTD compatible software or spreadsheet bridging software to upload your VAT return. Once businesses have signed up to MTD they can link their chosen software, or bridging package, to their HMRC MTD account and file their returns through the software.
If you are one of the businesses that have not yet registered for MTD for VAT, you can find a list of compatible software on HMRC’s website here: https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-vat
HMRC are offering some financial support to businesses that are struggling to find cost-effective MTD software through their ‘Help To Grow’ scheme. Details of the help available under their Digital scheme can be found here: https://helptogrow.campaign.gov.uk/
At Turl & Co we can guide our clients through the steps they must take and how to choose the best software package. Call us for details.
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