HM Revenue and Customs (HMRC) has issued an urgent warning to businesses across the UK, reminding them that from Tuesday, November 1, they will no longer be able to use their existing Value Added Tax (VAT) online account to submit VAT returns.
By law, all VAT-registered businesses must now sign up to Making Tax Digital (MTD) and use compatible software to keep their VAT records and file their returns. MTD’s aim is to help businesses get their tax right first time by reducing errors, making it easier for them to manage their tax affairs by going digital, and consequently helping them to grow.
In less than one month, businesses who file their VAT returns on a quarterly and monthly basis will no longer be able to submit them using their existing VAT online account, unless HMRC has agreed they are exempt from MTD.
