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  3. Finances: Payments, Reports, CIS, VAT Returns

Key Points to Consider When Setting up MTD in Powered Now

Powered Now offers you the functionality to submit your VAT returns to HMRC digitally so you are compliant with the new making tax digital legislation.

All you need to do is enter your sales invoices, expenses and supplier invoices and Powered Now does the calculations for you. 

Before you submit your VAT return we suggest you consider these key points to ensure it's set up correctly.

  • Make sure you have registered MTD with HRMC and have the login credentials.
  • Consider speaking with your accountant, they should have a vast knowledge of HRMC's MTD requirements! Powered Now are not Financial Advisers and cannot give financial advice.
  • Make sure you enter the correct VAT registration number. 
  • Make sure you select the correct default rate.
  • Confirm the end of tax year is correct.
  • Ensure the document issue dates you want to incorporate are in the VAT period you are submitting.