M+A Partners HomeBlogMaking Tax Digital for VAT

There is now just over six months before Making Tax Digital (MTD) for VAT is mandatory for all VAT registered businesses.

Until now, those who were voluntarily VAT registered (ie those with taxable supplies of below £85,000) have not needed to follow MTD requirements.

MTD will become compulsory for VAT from and including the first VAT return period that starts after 1 April 2022.

Under MTD you need to keep your records digitally (for VAT only) as well as provide your VAT return information to HMRC through MTD compatible software.

Please click here to read our factsheet on MTD for VAT – sharing practical information on what is involved and how to go about registering.

I would strongly recommend that you start planning for this change now. This will give you time to choose the right accounting software for your business as well as arranging any software training that might be required.

Some businesses may decide they would rather de-register from VAT to avoid MTD requirements. Before doing this, do get advice to ensure there are no unwanted VAT clawbacks.

If you have any queries regarding the above, do contact your normal M+A Partners contact, speak to me on 01953 452077 or email mary-anne.sargeant@mapartners.co.uk

Written by

Mary-Anne Sargeant
Partner
BIO
Mary-Anne joined M+A Partners in 2003 and was made a Partner in the firm in 2006. Mary-Anne and her team are based in our Attleborough office and provide professional accountancy and tax advice for a wide range of clients, from brand new start-ups to well-established family and owner-managed businesses and from private individuals to sole traders, partnerships and corporate clients.

Mary-Anne is a Chartered Tax Adviser and Chartered Accountant and was placed top in the UK when she undertook her Chartered Institute of Tax exams. She is committed to building lasting relationships with clients, based on gaining a clear understanding of their current and future business needs and taxation issues.

With over 20 years’ experience within the profession, Mary-Anne has the knowledge and experience to provide a portfolio of accountancy and taxation services that support the establishment and ongoing development of a business. Working closely with clients to understand their immediate and long-term requirements, she gives knowledgeable advice that caters to each unique set of circumstances.

Mary-Anne provides guidance on all aspects of accountancy and tax, from deciding on the best business structure; making the move to self-employment; setting up a limited company and guiding clients on both how they work as well as their pitfalls; optimising personal and business tax reliefs; assisting with tax planning for private individuals and companies; to of course dealing with the preparation of accounts, tax returns and VAT returns.
EXPERTISE
  • Accounting Services
  • Business Services and Support
  • Business Startups
  • Corporate Taxation
  • Personal Taxation and Private Client
CONTACT
Mary-Anne Sargeant

Mary-Anne Sargeant has been the Partner of our Attleborough office since 2010. Mary-Anne and her team provide professional accountancy and tax advice for a broad spectrum of clients, from brand new start-ups to well established family and owner managed businesses and from private individuals to companies.

Find out more about our Attleborough office by downloading our factsheet below.

About M+A Partners Attleborough