• Farrell & Farrell

MTD for VAT filing will become mandatory from 1 November 2022

All VAT-registered businesses must use Making Tax Digital (MTD) compatible software for their VAT returns from 1 November 2022.

From 1 November 2022, businesses that file VAT returns on a monthly or quarterly basis will no longer be able to submit their VAT returns through their existing VAT online account. They must file through MTD-compatible software. Therefore businesses that do not file their VAT returns through MTD-compatible software may have to pay a penalty.

If a business is already exempt from filing VAT returns online or if their business is subject to an insolvency procedure, they will automatically be exempt.

1 view0 comments

Recent Posts

See All

In response to the Bank of England interest rate increase to 3.0%, HMRC’s late payment interest rates will also increase with effect from 22 November 2022 as follows: - late payment interest rate — 4.