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The COVID 19-driven pandemic has drastically changed the world order — probably most drastically, after the 2nd World War. This change is most palpable on the social-economic front, prompting the governments of the states from all around the world to take steps and make changes in the rules and regulations. It’s the same in the UK. The Govt. of the UK has brought in a series of changes on the economic front, and it includes changes in VAT return and associated aspects. Thus, you need to take the help of the seasoned tax consultants in London from reputed companies, who will be able to help you out in this new changed scenario.
Indeed, it has been a pretty difficult year for businesses, more so the smaller ones, in the UK. As if that was not enough, Brexit made things more uncertain. This is where we at Dynamic Project Advisory Ltd make the difference with our invaluable suggestions and assistance. One of the major steps that the UK Govt. has taken is ‘Making Tax Digital’ or MTD.
Well, it was implemented two years back, and since then there have been a series of drastic changes in the tax system. And amazingly, the advantages of these steps are getting more apparent in this new scenario. We realise that it is not always possible and easy to be informed about these changes, our professional tax consultants will guide you all throughout.
The New Changes to MTD…..
One major step in this regard is for all the VAT registered businesses in the UK to register under MTD for VAT by April 30th, 2022. After that, every VAT registered business in the UK will have to maintain digital records and submit all their VAT returns, using the MTD.
HMRC has also made an announcement only recently, that submission of non-MTD VAT, with the use of API enabled software platforms will no longer be supported from 1st April 2021. In other words, the quarterly VAT periods that ended in December 2020, or will end in January and February 2021 will be the last that can be submitted using the old format VAT return. Well, the transition to this new system is bound to create some confusion. This is where our VAT return experts in London will make all the difference with all their knowledge and experience.
Preparing for this change
To prepare for this new system, you have two ways to follow….
- One way is to voluntarily register to MRD for VAT. You must keep in mind that it becomes compulsory to join MTD in April 2022.
- The second way is to generate the VAT amounts, which are designed for businesses that are not yet ready for MTD (like those under the threshold of VAT or a part of any VAT group). Then again, if you decide the op for the non-MTD VAT return, you will have to submit the return manually, using the online services of HMRC or by using other MTD bridging software platforms.
Hence, you MUST Start Preparing Now!!
Well, there are still some days to go before you will not be able to submit the non-MTD VAT returns anymore, it will be a wise step to start preparing now, rather than hurrying in the eleventh hour! That is the reason, you must get in touch with us at Dynamic Project Advisory Ltd. It will help our VAT return & Tax Consultants in London to keep you updated about the latest rules and regulations, and guide you through the process of transition smoothly, as and when the time arrives. Call us now at 02077151945 to book an appointment during our office hours.