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ICAEW Cautions Businesses to Follow New MTD VAT Requirements Soon to Avoid Penalties

ICAEW has warned that businesses may be shut out of HMRC systems if they are not prepared to complete their VAT return using Making Tax Digital (MTD) software within the next few weeks.

Until November 1, businesses may use the HMRC’s online service to file their VAT returns. Going forward, MTD VAT-compatible software will be required for the submission of returns.

In order to avoid the default penalty or, beginning in January 2023, late submission penalties or late payment penalties and interest, the ICAEW is urging all businesses to take measures to comply with MTD for VAT.

Only businesses that have established a digital exclusion exemption with HMRC will be allowed to continue filing their VAT returns online.

If you need help with complying with Making Tax Digital for VAT, we can help. Get in touch with us as soon as possible to avoid penalties by emailing us at hello@bkplus.co.uk or completing the contact form below.

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