Difference between revisions of "Making Tax Digital"
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== Summary == | == Summary == | ||
| − | This article is designed to guide you towards help and information regarding the introduction of '''Making Tax Digital''' (MTD) | + | This article is designed to guide you towards help and information regarding the introduction of '''Making Tax Digital''' (MTD). |
| − | |||
| − | |||
You may find additional advice and information by speaking to your accountant or following the information provided on HMRC's website; [https://www.gov.uk/guidance/help-and-support-for-making-tax-digital www.gov.uk]. | You may find additional advice and information by speaking to your accountant or following the information provided on HMRC's website; [https://www.gov.uk/guidance/help-and-support-for-making-tax-digital www.gov.uk]. | ||
== More Information == | == More Information == | ||
| − | {{Information|text=[https://www.gov.uk/guidance/software-for-sending-income-tax-updates Platinum Software] has been recognised by HMRC as a software provider capable of meeting the requirements for MTD.}} | + | {{Information|text=[https://www.gov.uk/guidance/software-for-sending-income-tax-updates Platinum Software] has been recognised by HMRC as a software provider capable of meeting the requirements for MTD.}} |
| − | + | {{Information|text=See this link for [https://www.gov.uk/government/publications/making-tax-digital-for-vat-service-availability-and-issues availability of the service]}}. | |
=== Key Points === | === Key Points === | ||
| Line 18: | Line 14: | ||
A small minority of businesses have been given more time to comply. You must speak to your accountant or contact HMRC for advice if you are unsure if and when you are required to comply with MTD. | A small minority of businesses have been given more time to comply. You must speak to your accountant or contact HMRC for advice if you are unsure if and when you are required to comply with MTD. | ||
| − | Businesses who join MTD must keep digital accounts and file their returns directly from that software. | + | Businesses who join MTD must keep digital accounts and file their returns directly from that software. |
| − | Eligible businesses have to file under MTD for their first VAT period starting on or after 1st April 2019. | + | Eligible businesses have to file under MTD for their first VAT period starting on or after 1st April 2019. |
{{Information|text=Please be aware that the deadlines for filing VAT returns and making payments are not changing.}} | {{Information|text=Please be aware that the deadlines for filing VAT returns and making payments are not changing.}} | ||
| − | === Platinum | + | === Update Platinum === |
| − | Once you have registered for MTD with HMRC you will need to | + | {{Warning|text=You will need to [[Downloading a Platinum update|update]] your Platinum system in preparation for using the new service. Please {{SupportContact}} if you are unsure if you have the correct version of Platinum.}} |
| + | |||
| + | If your system is not up to date you '''will not''' have the options described in the sections below. | ||
| + | |||
| + | === Platinum Settings for MTD === | ||
| + | Once you have registered for MTD with HMRC you will need to amend a system setting within Platinum. | ||
| + | |||
| + | {{Information|text=When you are sure your VAT periods are correct and up to date please see [[How do I set up Platinum for Making Tax Digital?]].}} | ||
| + | |||
| + | Please read the information below before carrying out the process outlined in the article. | ||
| + | |||
| + | {{Warning|text=Please check that your VAT periods are up to date and are showing the correct frequency. The last period shown in the [[How do I run the VAT 100 report?|VAT 100]] report should be the next return you intend to submit.}} | ||
| + | |||
| + | * If the period matches your frequency but is behind your next return date, you have not been closing the periods as you go. You will need to catch up by closing each period until the current period is the next available. | ||
| + | |||
| + | {{Warning|text=If this is the case, please make sure you have not filled in your [[Setting the government gateway credentials|VAT Registration]] number else you may be submitting old periods directly to HMRC.}} | ||
| + | |||
| + | * If the period shown does not match your actual period end/frequency, please {{SupportContact}} for advice. | ||
| + | |||
| + | * Please note you must have received confirmation that your registration has been successful. | ||
| + | |||
| + | {{Warning|text=Once your registration has been acknowledged by HMRC you '' MUST'' follow the advice in [[How do I set up Platinum for Making Tax Digital?|this]] article.}} | ||
=== Authorisation === | === Authorisation === | ||
Eligible businesses will need to sign up for MTD with HMRC. | Eligible businesses will need to sign up for MTD with HMRC. | ||
| − | Following this you will need to authorise Platinum for filing VAT digitally. Please see [[How do I | + | Following this you will need to authorise Platinum for filing VAT digitally. Please see [[How do I authorise Platinum for Making Tax Digital?]] |
== See also == | == See also == | ||
| − | * [[How do I | + | * [[How do I set up Platinum for Making Tax Digital?]] |
| − | * [[How do I | + | * [[How do I authorise Platinum for Making Tax Digital?]] |
| − | * [[How do I | + | * [[How do I run the VAT 100 report?]] |
| − | {{KB_Tags| | + | * [[How do I find my V.A.T. submission reports?]] |
| − | {{ | + | * [[How do I re-authorise Platinum for MTD VAT submissions?]] |
| + | |||
| + | {{KB_Tags|vat, v.a.t., vat return, mtd, vat100, vat 100, digital, submission, making tax digital, hmrc}} | ||
| + | {{MClass}}{{KB_NL}}{{KB_PL}}{{KB_SL}}{{ZN_Accounts}}{{ZN_Admin}} | ||
| + | |||
{{KB_Ref|RP52}} | {{KB_Ref|RP52}} | ||
Latest revision as of 09:40, 9 April 2021
Contents
Summary
This article is designed to guide you towards help and information regarding the introduction of Making Tax Digital (MTD).
You may find additional advice and information by speaking to your accountant or following the information provided on HMRC's website; www.gov.uk.
More Information
 | Platinum Software has been recognised by HMRC as a software provider capable of meeting the requirements for MTD. |
| See this link for availability of the service |
.
Key Points
As of 1st April 2019 VAT-Registered business, with a taxable turnover above the VAT threshold of £85,000, must keep digital VAT records and submit their VAT returns using MTD-compatible software.
A small minority of businesses have been given more time to comply. You must speak to your accountant or contact HMRC for advice if you are unsure if and when you are required to comply with MTD.
Businesses who join MTD must keep digital accounts and file their returns directly from that software.
Eligible businesses have to file under MTD for their first VAT period starting on or after 1st April 2019.
| Please be aware that the deadlines for filing VAT returns and making payments are not changing. |
Update Platinum
 | You will need to update your Platinum system in preparation for using the new service. Please Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page if you are unsure if you have the correct version of Platinum. |
If your system is not up to date you will not have the options described in the sections below.
Platinum Settings for MTD
Once you have registered for MTD with HMRC you will need to amend a system setting within Platinum.
| When you are sure your VAT periods are correct and up to date please see How do I set up Platinum for Making Tax Digital?. |
Please read the information below before carrying out the process outlined in the article.
| Please check that your VAT periods are up to date and are showing the correct frequency. The last period shown in the VAT 100 report should be the next return you intend to submit. |
- If the period matches your frequency but is behind your next return date, you have not been closing the periods as you go. You will need to catch up by closing each period until the current period is the next available.
| If this is the case, please make sure you have not filled in your VAT Registration number else you may be submitting old periods directly to HMRC. |
- If the period shown does not match your actual period end/frequency, please Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page for advice.
- Please note you must have received confirmation that your registration has been successful.
| Once your registration has been acknowledged by HMRC you MUST follow the advice in this article. |
Authorisation
Eligible businesses will need to sign up for MTD with HMRC.
Following this you will need to authorise Platinum for filing VAT digitally. Please see How do I authorise Platinum for Making Tax Digital?
See also
- How do I set up Platinum for Making Tax Digital?
- How do I authorise Platinum for Making Tax Digital?
- How do I run the VAT 100 report?
- How do I find my V.A.T. submission reports?
- How do I re-authorise Platinum for MTD VAT submissions?
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