We’ve just completed all our client’s VAT returns for the quarter ended 31 December 2018, filing them by 7 February. These lucky clients will be the first ones that start filing under the new rules from 1 April 2019.
So they only have one more return under the old scheme, their return to 31 March 2019. By periods starting 1 April 2019, they need to file under the new rules. Fortunately, as we take care of it for them, everything is under control, and we’re ready to do the necessary.
If you do your own returns, what do you need to do?
Think about when to register for the new scheme. You need to register separately for the MTD scheme, and you can register early [under the pilot scheme]. But if you register now, you will need to be ready to file the next return under MTD. We recommend that you register for the scheme once you’ve completed the final return under the old rules.
Think about how you will comply with the requirements. There are a couple of options; you can adopt a new accounting package that will take care of the filing, once you’ve correctly entered the transactions, or you can get your accountant or bookkeeper to take care of it completely. This can mean they take over all of the processing or a tailored approach to help you get from your current records to complying with the new requirements.
Start processing the transactions under the new scheme. You need to enter transactions occurring in your first VAT period starting after 1 April under the new rules. This doesn’t mean you need to start entering by 1 April for example, just that when you enter those transactions they are entered into the new system.
As always, drop us an email or message if you have any queries about the above.