Guidance on preparing for the “Making Tax Digital for VAT” period which begins in April 2021.
Further to the recent VAT session at the Finance Network Meeting held in January, we thought it important to highlight that local partners need to be prepared for the Making Tax Digital (MTD) for VAT ‘hard landing’ period from April 2021. Additional Making Tax Digital for VAT (MTD) requirements will take effect from Thursday 1 April 2021. When HMRC first announced MTD, it was a two-phase process.
- Phase one: The first phase was considered a ‘soft landing’ period and came into effect from April 2019. Under phase one, businesses with an annual turnover of more than the registration threshold of £85,000, were required to submit their VAT returns electronically.
- Phase two: The second phase was initially planned for April 2020, however, due to COVID-19 it was delayed for a year and will apply for VAT periods starting on, or after, Thursday 1 April 2021.
Crowe UK LLP has put together an alert on the important aspects and changes to MTD which companies need to be compliant with for the imminent end to the ‘soft landing’ period and start of the second phase, including:
• what is changing from Thursday 1 April 2021?
• digital links and phase two compliance
• compliance when using advisors and accountants.
For further information to ensure your processes are MTD compliant please click here.
They are also providing a free webinar on Monday 22 February 2021 from 14:30 – 15:30 where their VAT specialists will be covering all the important information to make sure you’re prepared for the end of the ‘soft landing’ period. You’ll also be able to take part in a live Q&A.
For any additional support, please contact the VAT helpline on 0207 842 7499 or email AgeukVAT@crowe.co.uk.
February Finance Network Meeting
On 24th February, we are holding the next virtual Finance Network Meeting on Teams, from 11:00 until 12:30, to which we warmly invite all Finance Directors, Heads of Finance Department and Finance Managers, together with CEOs, Treasurers and other interested trustees.
The topic will be ‘Forecasting in a time of uncertainty’ which has surely never been more relevant than now, given the ongoing pandemic restrictions and the fact that despite the encouraging progress of the vaccination rollout, we still have no clear timescale or understanding of how we will all begin to emerge from the present lockdown measures. Just how do you forecast when there are so many unknowns?
The session will be led by Stuart Walker, a charity accountant commissioned by Cranfield Trust and we’re looking forward to a very interesting presentation. It will include a Q&A session, so please be ready for the opportunity of asking ‘live’ questions.
To secure your place in this meeting, please email either John.Fox@ageuk.org.uk or David.Chenery@ageuk.org.uk as soon as possible. We will send you the link to the meeting nearer the time.