This month, if you’re a VAT-registered business with taxable turnover under £85,000, you may have received a letter from HMRC. The letter explains that from April 2022 you will need to comply with Making Tax Digital (MTD), the new digital tax legislation. If you’re an eligible business that hasn’t received this yet, you likely will soon.
This means that small businesses that are submitting VAT through the HMRC portal or the post will have to start maintaining records digitally and file VAT returns through compatible software in time for the deadline.
And while April 2022 may feel like plenty of notice, it’s never too early to get ahead of the game. In fact, it’s extremely important for businesses to prepare for digital records and MTD software as soon as possible.
That’s why we’re hosting a webinar, showcasing how small businesses and their accountants can make MTD VAT submissions easy, using Xero. Taking place on several dates over the upcoming months, with the next scheduled for 29 November 2021, 13 December 2021 and 14 January 2022, you can sign up to the free webinar here. More dates will be announced soon.
What you can expect
Our expert host will kick things off with a quick explanation of the vital importance of cloud accounting software for blossoming businesses.
With a demonstration of how data is captured and processed in Xero, from bank feeds to invoicing, purchase bills and expenses, you’ll get a quick overview of how you can achieve greater control, connectivity, and collaboration ahead of MTD for VAT, and beyond.
Our host will then take you through a breakdown of MTD so far, tackling what it is, when it will be introduced, and how it will work. Then, there will be a demonstration of the end-to-end process of submitting a VAT return using Xero, showcasing the ease and efficiency of a once-painstaking process through our compliant software.
You can also submit your own questions to be answered by our expert, who can help tackle any concerns you may have as the letters land on your doorstep. For other quick tips on how small businesses can prepare for MTD for VAT, you can check out our recent article, or visit our MTD small business resource hub for more information.