Bonfire Night 5 Nov: Gunpowder Plot escape room for KS2, with answer key. Instant download. Remembrance codebreaking pack too
Journal

Making Tax Digital Updates: Catching Up

Overview of Recent Changes

On November 7, HMRC announced updates to Making Tax Digital (MTD) for VAT. These changes are crucial for businesses that didn’t have time to catch up with the August deadlines. This article provides guidance on how to proceed with the required documentation and software.

What’s New in Making Tax Digital Updates?

Catching Up on August 2023 VAT Returns

If your business missed the August 2023 VAT returns deadline, here’s how you can manage:

  1. Register for Making Tax Digital: Before you proceed, ensure you have registered for MTD. Visit HMRC’s website to get started.
  2. Document Your August VAT Returns: If you haven’t already, gather all the necessary documents and records for your August VAT returns. This includes bank statements, bank transfers, and any other financial transactions relevant to VAT.
  3. Use Bridging Software: To assist in organizing your August VAT returns, consider using bridging software like T24 or T45. These tools can help streamline the process and ensure accuracy. See HMRC’s list of approved bridging software providers for more information.

Upgrading to MTD

For businesses that have been using bridging software (e.g., T24 or T45), you may need to upgrade to MTD. This involves replacing your bridging software with HMRC-approved software. Here’s what you need to do:

  1. Switch to HMRC-Approved Software: Research and choose HMRC-approved software like T45 or T81. Each software provider offers detailed instructions on how to transition from bridging to MTD.
  2. Training and Support: Ensure you have access to training and support materials to help you transition smoothly. HMRC provides guidance on transitioning from bridging to MTD.
  3. Monitor Your Progress: Keep track of your progress and make any necessary adjustments. HMRC’s support team is available to help answer any questions or address issues you might encounter.

Conclusion

Making Tax Digital updates are critical for businesses that didn’t have the opportunity to catch up with August’s deadlines. By following the steps outlined in this article, you can effectively manage your compliance and ensure your business remains in good standing with HMRC. For more detailed information and support, visit HMRC’s Making Tax Digital page.

---

Links to Relevant HMRC Resources

Looking for ready-made templates and printables? Browse the shop.

Stay in the loop.

New templates and member-only offers, now and then. No spam. Unsubscribe in one click.