WhatsApp Rolls-Out Emojis and Sharing of Files Over 2GB
Following last month’s announcement, Meta’s WhatsApp is rolling-out emojis and the ability to share files within WhatsApp up to 2GB in size.
Keir Thomas-Bryant
Keir is Sage's dedicated expert in the small business and accountant fields. With over two decades of experience as a journalist and small business owner, he cares passionately about the issues facing businesses worldwide.
It includes significantly more businesses compared to before.
Those who have voluntarily registered for VAT will need to follow its guidelines.
This includes businesses below the £85,000 VAT registration threshold.
In total, HMRC says around 700,000 businesses are going to have to understand the importance and timeliness of MTD for VAT, and ensure they meet the deadlines – including registering on time.
Let’s take a look at some of the key dates around Making Tax Digital that you need to know. This includes those deadlines coming up that you’ll need to be aware of so you can remain compliant with MTD.
Will the government extend MTD for Income Tax to other individuals and businesses, such as those earning below £10,000? Or those who use Self Assessment for other things, such as declaring interest on investments, or if they have salaries over £100,000?
It’s possible. But there have been no announcements and therefore we don’t have any dates for when this might happen. However, the experience of the slow rollout of MTD for VAT over several years indicates this may be likely.
Here are dates for your diary if you’re switching to MTD for VAT.
First, you’ll need to sign up for MTD for VAT. No, this doesn’t happen automatically. Prior to signing up, you’ll need to have selected which MTD-compatible software you’re going to use, because HMRC won’t let you proceed otherwise.
Don’t forget that, once you’ve signed up for MTD for VAT, you’ll need to activate that feature in the software. Speak to the software vendor.
If you have an accountant who handles your VAT, they can sign up on your behalf, and subsequently file returns on your behalf, like they might’ve done before. Just ask them. But do remember that this doesn’t remove the requirement for you to keep relevant VAT records digitally.
The deadlines for signing up to MTD for VAT are peculiar, but are in place to avoid you paying twice on your current VAT Return.
Assuming you’re paying by direct debit, you shouldn’t sign up less than:
For those switching as of April 2022, MTD for VAT only applies for the first full VAT period after that date.
For those that file quarterly VAT Returns, this means the following start dates:
Because there’s still a need to file VAT Returns by one calendar month and seven days, at the latest, this means the initial VAT Returns for MTD for VAT must be filed by the following:
For those who file monthly VAT Returns, the first MTD for VAT submission deadlines are earlier:
If using MTD for VAT software for the first time then this is the first time you’ll be required to create a return. Usually this is very straightforward.
Making Tax Digital has arguably had a difficult gestation, as the revised deadlines demonstrate.
But it’s already transforming the way VAT-registered businesses handle their accounting for the better.
MTD provides far better insight into your accounting, and therefore you can take control of vital business finance issues such as cash flow and forecasting.
Following last month’s announcement, Meta’s WhatsApp is rolling-out emojis and the ability to share files within WhatsApp up to 2GB in size.
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