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.
Akaunting, the free accounting software is the best software to manage your business, and with the HMRC-recognised Making Tax Digital app, it will be easier than ever to keep up with the new VAT process. Use MTD for VAT app in Akaunting to submit your VAT Return on time. Going paperless helps you manage your business accounts so much more easily. When using Akaunting, it literally takes just a few clicks for you to prepare your VAT Return before submitting it on time!
By subscribing, you don't have to worry about any kind of upgrade costs. Just keep using the software and enjoy all the new features as long as your subscription lasts.
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MTD for VAT (UK) app is only available to use in our Cloud service.