Accounting, Regulation

MTD for VAT (UK)

by Mohammad Emran Hasan

Making Tax Digital for VAT (UK) on Akaunting

From April 2022, all VAT-registered businesses in the UK will need to use MTD to keep digital records and make VAT submissions to HMRC.

The UK government has created Making Tax Digital to simplify tax processes. HMRC is causing changes in the taxing process by Making Tax Digital more effective, more efficient, and more accessible for taxpayers to get their tax right. The MTD app in Akaunting is straightforward and helpful to adapt to the new system

The VAT-registered businesses with an annual taxable turnover above £85,000 are already required to use the MTD app for the VAT returns. The companies with an annual taxable turnover below £85,000 will be required to use Making Tax Digital software by 2022.

Get yourself ready to digitize your taxation process; with the Akaunting MTD app, you can keep your VAT records and automate them.

Akaunting MTD app allows you to calculate and adjust your VAT to submit it to HMRC authorities.

You can easily access your list of obligations to portray the VAT submission status with the dates and submissions dates to keep records of all your payments and dues.

The summary list helps you visualize your VAT calculations to avoid any mistakes before filing your submissions. And view your returns for the submitted VAT.

Once you have adjusted the numbers and checked the details of your VAT, you can quickly finalize the process and submit it with one click.

Once the submission is completed, you can record and check your receipt with the acceptance from the HMRC.

Akaunting MTD app complies with HMRC and is the best-suited app to make tax digital for your business.

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