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Worksmart Accounting

Accountants in Hull, East Yorkshire

VAT Making Tax Digital

Whether your a sole trader, partnership or limited company our worksmart experts are here to ensure your business is fully compliant using Xero software.

VAT THRESHOLD

VAT THRESHOLD

The threshold is currently £85,000, has your turnover reached the threshold or do you expect it to in the next 30 days or had a taxable turnover of more than £85,000 over the last 12 months. You might need to register for other reasons, depending on the goods and services you sell.

REGISTER FOR VAT

REGISTER FOR VAT

We will register your business for VAT, if you'll exceed the taxable threshold in the next 30 days, you will have to register by the end of the 30 day period. If you exceeded the taxable threshold in the past 12 months, you you must register by the end of the month your turnover was over £85,000

VAT SCHEMES

VAT SCHEMES

Our experts will advise you in choosing the VAT scheme that is right for your business. From the standard accounting method to annual accounting, the flat rate scheme and cash accounting scheme. Your obliged to maintain your VAT accounting records, our worksmart experts are here to help.

What is Making Tax Digital

Making Tax Digital is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers.

 

Making Tax Digital for VAT is mandatory for VAT-registered businesses above the £85k threshold to keep digital records and submit VAT returns using HMRC recognised MTD software.

 

This will be extended to all VAT registered businesses from April 2022.

 

Worksmart experts are certified Xero advisors, we offer a fully compliant VAT service to ensure you can fulfil your Making Tax Digital obligations.