A number of educational establishments are registered for VAT although their taxable (from a VAT perspective) income is below the current £85,000 threshold. As such, these registrations are seen as voluntary registrations.
Making Tax Digital (MTD) became obligatory for all VAT registered businesses, irrespective of turnover, for VAT returns starting on or after 1 April 2022.
Therefore, any VAT registered entities that are not using MTD need to start. The options range from buying relevant software, posting into and submitting via the software, to appointing an accountant to take your manual (or non-MTD compliant) records and the accountants posting and submitting via bridging software to enable the MTD compliant submissions.
Rickard Luckin has its own bridging software and can assist in all parts of the MTD process.
This article is from the latest edition of our Education Bulletin. To receive future copies of any of our newsletters directly to your inbox, please visit our preference centre to register your interest.
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