Making Tax Digital finally goes live!

It's finally happened! Jessica Maddams from the Page Kirk accounts department gives some vital tips now that we've entered the world of MTD.

As you know, businesses over the mandatory threshold for VAT – and those who have not had a deferral letter for the quarter ended 30 June 2019 – have now filed their VAT online directly to HMRC.

• Make sure you are signed up with HMRC in the correct time frame and before you click the button in your accounting software to submit MTD returns.
• Review your accounts data for accuracy, as not all transactions go in the VAT return and sometimes users are not aware of what should be included. If you're unsure, you should get in contact with Page Kirk for guidance.
• If you are still keeping manual records, you will need to submit your VAT figures using bridging software and maintain full records on the spreadsheet. This would be required in any HMRC inspection and if you didn't have the information available, you might be subject to action by the Revenue.
• You can still use your government gateway to:
  1. view deadlines
  2. manage payments
  3. print your VAT certificate

Bear in mind that you should enter and reconcile all information before submitting your return, as this is the most likely point to find omissions/errors in your calculations.

If you have any problems, please do not hesitate to get in contact with our dedicated team at Page Kirk. We have a combined experience of over 40 years in bookkeeping and VAT returns. Email enquiries@pagekirk.co.uk or call 0115 955 5500.