Making Tax Digital – Applied

Pegasus Software

Making Tax Digital

Making Tax Digital

Making Tax Digital (MTD) is a government initiative designed to transform the tax system and make it easier for businesses and individuals to maintain their VAT records and to get their tax correct. MTD came into force on 1st April 2019 and applies to VAT registered businesses with annual sales over the VAT threshold of £85,000.

 

Businesses qualifying for MTD must now use software that can store and maintain and submit their VAT information digitally as specified in the new regulations. Opera 3 SQL SE is fully HMRC accredited for MTD compliance and has been designed to help customers easily submit their VAT information to HMRC.

When is my first Making Tax Digital VAT return due?

You will need to ensure that your business is MTD compliant from the first day of your first VAT period that starts on or after 01 April 2019.

For example:

 

  • If your VAT period ends on 31st March 2019, your first MTD VAT quarter will start on 01st April 2019.
  • If your VAT period ends on 30th April 2019, your first MTD VAT quarter will start on 01st May 2019.
  • If your VAT period ends on 31st May 2019, your first MTD VAT quarter will start on 01st June 2019.