Any business registered for VAT, but not earning above the VAT threshold, can still sign up for MTD, but only on a voluntary basis.
However, VAT-registered businesses with a taxable turnover below £85,000 have, since April 2022, been required to follow MTD rules.
What is MTD-compatible software?
If your accounting software is ‘MTD-compatible’, it has the facility for VAT Returns to be filed with HMRC and receive information back from HMRC directly, such as confirmation that a VAT Return has been received.
HMRC has published a list of accounting software providers who currently have MTD-compatible software. However, we can help you find online accounting software that is suited to you and your business’s needs.
If you require a service not listed here, would like a free consultation or a quote or have any questions about what Seymour Taylor can offer you, please let us know and we can advise on next steps.