You may have heard of the new system, but you are still not sure exactly what it is. It is a government initiative aimed at making tax administration more effective, efficient, and simple.. Further information can be found at https://www.alexander-ene.co.uk/.
Making Tax Digital For
VAT Setup Service
Here are some benefits to making tax digital for
Firstly, it's important to
understand the implications of
Making Tax Digital for VAT.
Failure to comply can result in penalties of up to 100% of
the VAT due.
In the case of VAT, it is not yet
clear how the penalties will be
applied in practice.
The VAT notice 700/21 describes how VAT records
should be kept.
Due to COVID-19, phase two
was delayed and will apply to
VAT return periods starting on
or after 1 April 2022.
Businesses are encouraged to use software that supports
MTD for VAT for their accounting needs.
Make sure you get all the details of
your VAT returns before you start
setting up for making tax digital for
And, be sure to check with your accountant about the
requirements for making tax digital.
They are accountants in north
London with extensive
knowledge of MTD for VAT.
Another feature of MTD for VAT is support for multiple VAT
This will help you report your
VAT payments as a VAT
Find Out More At https://www.alexander-ene.co.uk/