What should be top of mind for you is keeping digital records, reviewing your VAT clients and assessing your current processes to ensure they are fully compliant. While it may seem overwhelming at first, start with these simple considerations as you prepare for your first submission.
Top tip: Start early
Don’t leave it too late to get started. It takes about 72 hours for HMRC to approve a client for MTD for VAT. If you haven’t already started setting your clients up in CCH OneClick for VAT filing, we advise you to start this process as soon as you can.
Bear in mind that a lot of advisors (and SMEs) will be using the new online service and this is likely to mean heavy traffic on and around 7 June, the next VAT filing deadline. It may take longer than usual for data held by HMRC, such as VAT liabilities, to update the Digital VAT Account held in CCH OneClick and you should be prepared for the fact that figures may not be updated immediately.
Are your clients submitting their own VAT returns?
You should, by now, have completed your final reviews on all your VAT clients to establish:
- Do they want to complete and file the VAT return themselves?
- Do they want your practice to prepare and file on their behalf?
- Do they want your practice to validate and file the return after they prepare the data?
Don’t forget that your clients can now prepare and file their own VAT returns directly with HMRC using the Client Workspace in CCH OneClick.
Once you have agreed on how to proceed for each of your clients, the next step is reviewing the system you use today and even setting up a new system for monitoring your deadlines. This will ensure that you know when all the different activities are due and are alerted to filing deadlines ahead of time.
Extended Support hours
To support your first submission, our support team will work extended hours on Friday, 7 June, the submission deadline day. Phone lines will be open until 6:30pm on that day. However, although we would still urge you to do as much work as possible before the deadline date.
KnowledgeBase article 11062 on our support site explains what you have to do to get set up for VAT filing with HMRC and answers many of the most common questions our Support team deals with. CCH OneClick customers can read the article on the support site if you are an existing CCH OneClick customer.
If you are not a CCH OneClick customer and would like to find out more, click here or email firstname.lastname@example.org.