MTD – Vat Submissions

Customers must maintain electronic records of their Income and expenses in an MTD compatible App like Rhino.

Customers then connect Rhino to the MTD Tax System – this is a one-off exercise and usually takes less than two minutes to complete this step.

Once connected, Rhino will retrieve your quarterly Vat Submission Dates.  To complete a quarterly Vat submission, Rhino will summarise and update the MTD System with just a few clicks.

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Deadlines for Complying with MTD 

April 2020 – VAT with Turnover > £85,000

For Vat Registered Businesses with a Turnover greater than £85,000.  This part of MTD is already live.

April 2022 – All Remaining VAT Registered Businesses.

For all remaining Vat Registered Businesses (approximately 700,000 businesses).  The Chancellor announced in the budget (March 2021) that the Government will soon be bringing forward primary legislation to deliver on this commitment.

Recording your Income

Rhino makes it easy to create Invoices and record customer payments on your phone or computer.

…on your smart phone

…on your tablet, laptop or computer

Recording Expenses

Rhino makes it easy to create your Expenses.  You can even take a photo of the Receipt – there no need to retain paper copies!

…on your smart phone

…on your tablet, laptop or computer

The MTD Vat Submission Process

Once you have recorded your transactions, you will need to do the following: –

Connect to the New MTD Platform (Authentication Process)

Connecting the Rhino Small Business App to the MTD platform is a one-off exercise and it takes approximately one minute to complete. This process grants the Rhino Small Business App the permission to update the MTD platform on your behalf thereby avoiding the need to log the HMRC Web Site.

Provide Periodic Updates

Each time you go into the VAT Submission Process, the Rhino App will take a few seconds to download the latest set of ‘VAT Obligation Dates’ that have been made available by HMRC.

Submitting your Data to HMRC

Rhino will summarise the Income and Expense Data on a screen similar to the 9-Box VAT form that you will be familiar with. You will have the opportunity to make adjustments and record notes before completing the submission process. Note that in the event you need to make a high volume of adjustment, you can attach a spreadsheet which will be attached to the Rhino Submission Process.

Once submitted, the detailed transactions recorded in Rhino that are linked to a Submission are locked. This lock maintains an audit connecting the detailed transaction to the summary data that you submitted.

For more on Making Tax Digital…

2021-03-10T09:33:14-07:00
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