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Tax Digital(MTD)

Learn what MTD is and how Moneypex is making it easier for businesses to become Making Tax Digital(MTD) compliant. We’ll guide you on how and when to file your VAT returns.

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Making Tax Digital UK

What is Making Tax Digital?

Making Tax Digital (MTD) is a government program that outlines a bigger vision for a digital tax system that would make it easier for businesses to file correct and timely taxes to HMRC.

Making Tax Digital is now focused solely on VAT filings to HMRC. However, it is expected that in coming years, it will also cover Income Tax and Corporation Tax.

what is mtd

Can I file VAT on HMRC website?

From November 1st, MTD will be the only way to file your VAT. VAT filings on the HMRC website are no longer possible due to the closure of the portal Moneypex HMRC-recognised MTD VAT Software is the solution.
*Exclusion applies, please visit gov.uk for more information.

file VAT on HMRC website

When my business should start following MTD for VAT?

Businesses must maintain digital records to comply with Making Tax Digital for VAT. This must be done using 'MTD-compatible software. It must connect directly to HMRC and convey your information via digital links.

MTD for VAT with MP

When will MTD impact my business?

MTD was implemented in April 2019 for practically all VAT-registered enterprises with a taxable turnover of above £85,000. They must use Making Tax Digital software to retain digital records and submit VAT to HMRC.

This will be applied to all VAT-registered firms in the UK from April 2022.

Don’t panic, we got you covered in this scenario. File VAT returns with Moneypex a MTD compatible accounting software easily.

MTD impact my business
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Get complete guide to register for MTD and submit your VAT with Moneypex.

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UK government project Making Tax Digital (MTD) aims to streamline the way businesses record their earnings, expenses, and taxes. MTD aims to make it easier, more efficient, and more effective for taxpayers to report and pay the right amount of tax.

Making Tax Digital (MTD) is part of the government's long-term plan to make sure that all taxpayers use software for accurate accounting and tax reporting. Auto calculation of tax saves you in tax-season.

Once you set tax criteria according to your country or region. Accounting software automatically calculates taxes from total sales and purchases according to that criteria. Accounting software also generates total VAT returns reports for whole year, so you can pay easily to HMRC.

Yes, you can sign up for MTD and pay VAT returns to HMRC through Moneypex accounting software. You just have connect your accounting software to HMRC and then, you can pay VAT returns directly from there.

Statistics show that most spreadsheets have mistakes, and it's not always easy to find and fix them. Using accounting software provides accurate records and right amount of tax on them, which makes VAT returns payment easy.

Yes, but only when used in conjunction with the bridging software. To automatically replicate the data from the spreadsheet into the software, you will require spreadsheet bridging software.

Accounting software like Moneypex, which is MTD compatible and HMRC approved. You can directly pay your VAT returns to HMRC by connecting Moneypex accounting software to your HMRC account.

Accounting software like Moneypex is MTD-compatible software. That enables MTD's digital recordkeeping and data exchange with HMRC.

Under MTD, HMRC proposes to apply a simple points-based penalty system to late filings and payments. If penalty points exceed the limit, a financial penalty is incurred. Businesses with valid reasons can appeal penalty points.
Penalty points expire if there are no more late payments or submission issues.

When you use Moneypex accounting software, submitting your VAT Return in accordance with MTD is a breeze. Once you have completed your accounting for the period, your VAT Return is immediately computed and ready for submission to HMRC in just a few clicks. Explore our Making Tax Digital Software or Guide to MTD.