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15 Nov 2023

The British Independent Retailers Association (BIRA), which works with over 6,000 independent businesses of all sizes across the UK, has outlined its expectations from the government...

16 Aug 2023

Independent quality drinks retailers were woefully underrepresented among those consulted by government over the duty changes now hitting businesses, it has been claimed, after industry magazine...

8 Jun 2023

Bira, the British Independent Retailers Association, has expressed its concern and frustration after it was revealed that Amazon UK Services had, for the second consecutive year, paid zero...

16 Mar 2023

Industry experts and trade associations in the retail sector have been expressing their disappointment at the support offered to retailers in the Chancellor’s Budget.

17 Nov 2022

Cycle retailers around the UK facing up to the imminent challenges of recession will need to stay one step ahead of the curve to survive. Now is the time to benefit from being part of something...

26 Sep 2022

Following the Chancellor’s mini-budget last week, the retail industry has been reacting to the support package for small businesses and independent shops….including some of the...

19 May 2022

Our research found agreement that a minimum OST threshold could help to rebalance the burden of tax across the industry, generate revenue to reduce business rates for smaller businesses,...

6 Apr 2022

Businesses are required to have signed up to Making Tax Digital ready for their first VAT return starting on or after 1 April 2022. However, they may not be required to make their first...

17 Jan 2022

Thereis now less than three months until all VAT-registered retailers are required to submit quarterly VAT updates and annual returns via the government's Making Tax Digital (MTD) system....

27 Oct 2021

The Budget and SR21 promised much for both the cycling industry and for retailers, but will it be enough to help recover the damage done from the pandemic and help sustain the cycling...

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Making Tax Digital: Changes from 1st April 2022

Posted on in Cycles News , Creative News

Businesses are required to have signed up to Making Tax Digital ready for their first VAT return starting on or after 1 April 2022. However, they may not be required to make their first submission via Making Tax Digital until Summer 2022. All VAT returns must be made via compatible accounting software.

The Government have published new guidance from 1st April 2022 for businesses to understand when to start using Making Tax Digital for VAT if they haven't before.

View the Government guidance here

From 1st April 2022 all VAT registered businesses must sign up for Making Tax Digital, no matter how much they earn unless you apply for an exemption.

 

What do I need to register?

To register for Making Tax Digital you need:

  • your business email address
  • a Government Gateway user ID and password - if you do not have a user ID, you can create one when you use the service
  • your VAT registration number and latest VAT return

You’ll also need:

  • your National Insurance number if you’re a sole trader
  • your company registration number and Unique Taxpayer Reference if you’re a limited company or registered society
  • your Unique Taxpayer Reference and the postcode where you’re registered for Self Assessment if you’re a general partnership
  • your Unique Taxpayer Reference, the postcode where you’re registered for Self Assessment and your company’s registration number if you’re a limited partnership

Where can I get more help and guidance on Making Tax Digital?

For more information, HMRC is running live webinars – during which you can ask questions using the on-screen text box.

These webinars provide an overview of MTD, including digital record keeping, compatible software, how to sign up and submit VAT returns directly from the business. 

Register here

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