Latest Global VAT Specialist Group Newsletter examines Making Tax Digital (MTD) for the UK 13th April 2021. In the latest newsletter from the Global VAT Specialist Group, Rickard Luckin's Ian Marrow considers the repercussions of HMRC's introduction of 'MTD' for the majority of UK VAT registered businesses.

9 Oct 2020 MTD will be mandatory for all VAT registered businesses from April 2022 but signing up before HMRC starts to move all records across to ETMP

On 7 April 2021, HMRC will be unplugging its “VAT XML” filing system for organisations that are voluntarily registered for VAT, but who are not yet signed up for Making Tax Digital . HMRC should have written to you about this change, and, depending on your circumstances, you may have even heard from your software provider. Additional Making Tax Digital for VAT (MTD) requirements will take effect from Thursday 1 April 2021. When HMRC first announced MTD, it was a two-phase process.

Vat mtd april 2021

This will affect all VAT-registered businesses, individuals and charities with a taxable turnover above the VAT registration threshold (£85,000). 2018-07-13 From 1 April 2021 the much delayed ‘hard landing’ will come into effect and with it a new set of much tougher rules. The MTD hard landing rules are deceptively simple, “From 1 April 2021 VAT registered organisations will need to have digital links between software programs”. Until 1 April 2022, only UK businesses with turnover above the VAT registration threshold in the UK are required to utilize the Making Tax Digital (MTD) method for VAT reporting.

Starting April 2021 all VAT registered traders will have to utilise MTD compatible software to file VAT returns for VAT periods starting on or after 1 April 2022. Additionally, they are required to keep the VAT record in digital form. Each of these scenarios is subject to exceptions. Making Tax Digital for Corporation Tax

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Phase 2 of the Making Tax Digital (MTD) for VAT will start on 1st April 2021 If VAT data is moved between accounting or invoicing systems prior to the digital

HMRC recently announced that non-MTD VAT submissions via software providers will not be supported from April 2021. This means that quarterly VAT periods ending in December 2020, January 2021 or February 2021 will be the last VAT returns you can submit using the old VAT return in Xero.

The latest announcement from HMRC in response to the COVID-19 pandemic means that businesses now have until their first VAT return period starting on or after 1 April 2021 to put the necessary digital links in place and comply with the MTD rules fully. Participants were given a year from the launch of MTD to have these digital links in place, giving organisations until 1 April or 1 October 2020, depending on their original MTD start date.
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From 8 April 2021, the HMRC will no longer be able to accept XML VAT submissions from third-party software.

8 Dec 2020 How does the prospect of getting your non MTD for VAT registered clients signed up one year earlier than planned – by April 2021 – sound to Some of our users have received a letter from HMRC advising that they will no longer accept MTD VAT returns from XML software from 8 April 2021. Please be 23 Mar 2021 Return using MTD-compliant software.
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Earlier all MTD businesses (except those who were in deferral group earlier and to whom MTD phase I was applicable w.e.f. October 2019) whose VAT return cycle was to begin on or after 1 st April 2020, had to digitally link all their functional compatible software and ERPs before filing VAT return through MTD compliant software.

From 1 April 2021, HMRC is introducing a penalty system for failing to meet MTD obligations. These penalties, or surcharges, will apply to the first completed VAT return on or after this date. The penalties will be applied as follows: One million businesses re-brace for MTD for VAT – 1 April 2021.