How to prepare your business for Making Tax Digital
June 8, 2022What is Making Tax Digital?
How to prepare your business for Making Tax Digital
Check when you need to register
Your last VAT accounting period before signing up to Making Tax Digital | Submit your VAT return between | Do not sign up to Making Tax Digital from | Sign up to Making Tax Digital from | Your first Making Tax Digital accounting period |
---|---|---|---|---|
1 Jan to 31 March 2022 | 1 April to 7 May 2022 | 28 April to 7 May 2022 | 8 May 2022 | 1 April to 30 Jun 2022 |
1 Feb to 30 April 2022 | 1 May to 7 June 2022 | 31 May to 7 June 2022 | 8 June 2022 | 1 May to 31 July 2022 |
1 March to 31 May 2022 | 1 June to 7 July 2022 | 29 June to 7 July 2022 | 8 July 2022 | 1 June to 31 August 2022 |
1 March to 31 March (monthly submissions) | 1 April to 7 May 2022 | 28 April to 7 May 2022 | 8 May 2022 | 1 April to 30 April 2022 |
A period of 12 months starting on or after 1 April 2021 and before 1 April 2022 (annual submissions starting on the first day of a calendar month) | 2 months after the last day of your accounting period | The7 working days before your Making Tax Digital VAT return needs to be submitted | The day after your VAT return due date until 7 working days before your next VAT Return due date (almost a full year) | A period of 12 months starting on or after 1 April 2022 |
Date | MTD Legislation |
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April 2019 | VAT-registered businesses earning above the VAT threshold (£85,000) must store records digitally and submit VAT returns through MTD. |
April 2022 | All VAT-registered businesses, irrespective of turnover, must submit returns through MTD (including voluntarily VAT-registered businesses earning below £85,000). |
April 2024 | Self-employed workers and landlords earning above £10,000 in a tax year must submit their Income Tax Self Assessment through MTD. |
April 2026 | MTD for Corporation Tax planned to come into effect. |