14/10/2022 0 Comments
VAT online service to be withdrawn soon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).