Quarterly VAT Returns with MTD? Don't miss the deadline

August 7th is the deadline for MTD-registered businesses to submit their first digital VAT Return. Here's what you need to do before then. Are you ready for digital VAT Returns? A major date in the MTD calendar is fast approaching: August 7th is the first compulsory deadline for submitting quarterly VAT Returns since the roll-out of HMRC's Making Tax Digital initiative. Here's [what to do so you don't miss it](. Making Tax Digital came into effect on April 1st. From this date, businesses required to comply with MTD needed to keep digital records of their VAT transactions and report their VAT directly to HMRC through approved Making Tax Digital software like Debitoor. If you submit your VAT Returns on a quarterly basis, April-June will be the first quarter for which you need to report VAT digitally, so you might not have made any steps towards preparing your business for online VAT Returns. But all of this is about to change, with the [first major MTD deadline]( fast approaching. [Read more]( In this blog post, we explain which [steps you need to take in order to avoid missing the 7th August deadline]( for digital VAT Returns. In summary, you need to: 1. Register for Making Tax Digital You might not know whether your business needs to register for MTD. Making Tax Digital only applies to VAT-registered businesses, and it's only compulsory for companies with a turnover of £85,000 or more. However, if you're registered for VAT, you can still opt-in to MTD with a lower turnover. Whether you're required to comply with the MTD initiative or want to opt-in voluntarily, you first need to [sign up for Making Tax Digital for VAT](. The latest you can do this is 72 hours before the August 7th deadline, but businesses that pay their VAT bill via direct debit need to do so before July 26th – which is tomorrow!. 2. Choose MTD software As Debitoor is approved by HMRC for online VAT Returns, Debitoor users can easily report their VAT directly from their account without signing up for additional software (but you should [check that VAT Returns are available on your plan](. 3. Submit your VAT Return through MTD-compliant software Once you’ve registered with HMRC and have signed up for Making Tax Digital software, the final step is actually submitting your VAT Return. Simply [connect your Debitoor account to HMRC]( select your reporting period, and send! The latest you can do this is August 7th, but we recommend that you don’t actually wait until the very last moment. And as usual, don't hesitate to reach out to us with any questions. Cheers - Your team at Debitoor Debitoor - Ewaldsgade 3 - Copenhagen - Denmark You are receiving this email because you have signed up for Debitoor - the #1 invoice and accounting software for small businesses and freelancers. Want to change how you receive these emails? You can [update your preferences]( or [unsubscribe from this list](.