MTD
MTD for VAT is already mandatory for most businesses and from 1st April 2022 it will apply to all VAT registered business with a taxable turnover below the VAT threshold. If you are affected by this change, you must submit VAT Returns under MTD from your first full VAT period after this date e.g. quarter ended 30th June 2022, or 31st July 2022 or 31st August 2022. If you are already using Sage 50cloud Accounts, the transition should be quite simple.
Check your software is MTD Ready
To be MTD ready, you must be using Sage 50cloud Accounts and have v24.2 or above installed.
• Under Program Details, note the Version Number.
Sign up
• Reconcile and submit your last government Gateway Return as normal and wait for your DD Payment if applicable to be taken.
• Register with HMRC for MTD.
Submit
Switch on MTD in your software
1. Click Settings then click Company Preferences.
2. Enter your password, then click OK and click the VAT tab.
3. Click the Enable Making Tax Digital for VAT submissions check box.
4. Click Yes.
5. Check your VAT details are entered correctly and then click OK.
6. Click File then click Exit to close Sage Accounts.
7. Reopen Sage Accounts.
When you next submit your VAT return it will submit under MTD.
Submitting your VAT return under MTD
1. Run your VAT return as normal and reconcile your VAT return.
2. Post the VAT transfer journal as normal.
3. Click Submit online
4. Click Next.
5. Check your company name and VAT Registration number are correct, then click Next.
6. In the Gov.uk window, scroll to the bottom and click Continue.
7. Enter your government Gateway ID and password, click Sign in.
8. Click Continue then select a method to receive your access code.
9. Click Continue and then follow the on-screen prompts.
10. In access Code enter the code your received, then click Continue.
11. Click Continue then click Grant Authority.
Authority must be granted each time you submit an MTD VAT Return.
12. Under Submit your Period, in the drop-down click the obligation period you want to submit for.
Tip: More than one obligation period may be listed, take care to choose the correct one.
13. Click the confirmation check box then click Submit to HMRC.
14. When the successful submission window appears, click Close.
15. If required, to view a submission confirmation report, click Submission confirmation.
16. If required, you can record your VAT payment or refund, then click Close.
If you would like help submitting your VAT return under MTD or need any other help with your Sage Accounts please contact us on
Telephone 01691 684011/654545
Or
Email: [email protected]
