Making Tax Digital (MTD for VAT)
HMRC has changed the way that VAT returns are submitted. UK VAT registered businesses with a taxable turnover of more than £85,000 must use the Making Tax Digital (MTD) service to submit their VAT returns.
From 1st April 2022, all UK VAT registered businesses must use MTD to submit their VAT returns, irrespective of taxable turnover.
Don't worry - you can use IRIS KashFlow (which is MTD compatible) to record and manage all your VAT related data, then submit your return directly to HMRC.
There are three key steps to this process.
HMRC have announced, from Thursday 24 November 2022 all businesses, unless exempt or have applied for exemption, will be automatically signed up to MTD.
From 24th Nov. 2022 onwards users can enter their Government Gateway credentials in IRIS KashFlow to be successfully authenticated, enable retrieving obligations and start making submissions without having to perform the separate step of signing up to MTD via GOV.uk.
IRIS KashFlow Connect Partners: Agents will still need to be authorised to make submissions on behalf of their clients.
Once you've signed up for your MTD account with HMRC, you can then connect IRIS KashFlow to you HMRC account. Find out how
IRIS KashFlow automatically receives your VAT return dates (obligations) directly from HMRC. You can view VAT summary or detail reports, then submit to HMRC using the MTD service. Find out how