Making Tax Digital has been slowly rolling out to VAT registered businesses over the last few years. Under the requirements, eligible businesses must keep financial records digitally, and use MTD compatible software to submit this data to HMRC.
Since April 2022, the requirement to be digital with HMRC has extended to include any remaining VAT registered businesses not already following the MTD scheme.
HMRC have confirmed that the VAT online account portal will close on 1st November 2022.
The last date for submitting data through the online portal is therefore 31st October 2022.
If you have any outstanding VAT returns to be submitted and cannot meet the deadline, then you must obtain MTD compatible software to submit these VAT returns. Penalties and interest will be levied for late submissions, so you need to move fast.
If you need assistance with MTD compatible software, please contact our Digital team at NRB.