NEWS

Most VAT registered businesses are signed up for Making Tax Digital

Published:
3
October 2019

Almost three quarters (74%) of VAT-registered firms signed up for Making Tax Digital (MTD) before the second stagger deadline last month.

HMRC’s figures showed that over 230,000 mandated businesses joined the scheme before the 7th September 2019 deadline.

Most (94%) signed-up businesses submitted VAT returns before both the first and second stagger deadlines. Around 80,000 firms missed the stagger-two deadline, and HMRC will write to those to remind them of their obligations.

Those businesses are unlikely to be penalised, with the Revenue adopting a light-touch approach until 1 April 2020.

Jim Harra, deputy chief executive at HMRC, said:

“Our ambition is to help businesses moving to MTD to get it right, not to penalise them.

“HMRC’s decision not to enforce penalties will help businesses transition to MTD without fear of getting it wrong.”

The Revenue’s reminder letters continue to increase the numberof stagger-one businesses signing up to MTD for VAT.

Around 120,000 missed the stagger-one deadline on 7th August 2019, but 5% of those have since joined the scheme.

More than 80% of the total mandated population is signed up to MTD for VAT and actively using the service.

HMRC estimates that around 60% of stagger-three businesses have signed up before the next deadline on 7 October 2019.

Speak to us about MTD for VAT.
Business news
Finsbury Robinson

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare.

Contact Us

Sign up to our
Monthly Business Newsletter

Sign up to receive our monthly Business Newsletter that will keep you up to date with everything going on in accounting, tax, and finance. 

Finsbury Robinson Services

Sign up to our Monthly Business Newsletter

Find News Articles by Category

© Finsbury Robinson Ltd 2019

Registered Company No.  04749693

News HomeMaking Tax Digital
Most VAT registered businesses are signed up for Making Tax Digital
Show/Hide
To get in touch use our Quick Contact Bar:

Monday                 8:30AM – 5:30PM
Tuesday                8:30AM – 5:30PM
Wednesday          8:30AM – 5:30PM
Thursday              8:30AM – 5:30PM
Friday                 9:00AM – 12:30PM
Saturday                                 Closed
Sunday                                   Closed

Finsbury Robinson
237 Westcombe Hill
Blackheath
London
SE3 7DW