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Posted Sun, 20 Mar 2022 21:16:15 GMT by Lewis119 Lewis
I registered for MTD as I had met the VAT Theshold and have become VAT registered with an effective date of 1//1/2022 for which I am now using a MTD compatible software with my first VAT submission date due May 22. Before VAT Registration, I was completing annual online self assessments. Therefore, I need clarification on how to deal with the self assessment part of my financial year covering the period 6/4/21 - 31/12/21. Do I still complete self assessment covering the period up to 31/12/21 (9 months trading) then continue with MTD for the final quarter trading 1/1/22 - 05/04/22 ? Many thanks
Posted Mon, 21 Mar 2022 13:35:08 GMT by HMRC Admin 17

Hi,
 
Please use the Self Assessment Criteria Checker on the Gov.uk site. 

This will advise if you are required to complete a Self Assessment form for the year in question :

Check if you need to send a Self Assessment tax return   .

Thank you.
Posted Mon, 21 Mar 2022 15:22:32 GMT by Lewis119 Lewis
Thank you for your prompt reply however that’s not what I asked. I already complete self assessments as I am a sole trader running a business, however as I’m now vat registered since 1 January 22 , I now have a HMRC self assessment account and a vat business account. Should I still be completing the self assessment for period 6/4/21 - 31/12/21 (part year) and does this need to be done sooner now that i am also registered for vat, which I am now reporting via making tax digital for the final quarter of my financial year (which would have been completed under self assessment if I had not become vat registered). Thank you
Posted Tue, 22 Mar 2022 11:54:38 GMT by HMRC Admin 17

Hi,
 
If you were Self Employed during the year 2021/2022 you will be required to complete a personal Self Assessment Tax Return and
declare your total income up to 05/04/2022.

This is will be available for completion after the 05/04/2022 at the earliest. 

Thank you.
 
Posted Tue, 22 Mar 2022 12:26:40 GMT by Lewis119 Lewis
Thank you the clarification. However, my concern is that if I complete a full year accounts under self assessment up to 5/4/22 and pay any tax due on profits, I have transferred a balance of those profits to my new burisness bank account on 1/1/22 which I am now going to be charged VAT on the sales again! Hope you can help! Many thanks
Posted Tue, 22 Mar 2022 15:05:15 GMT by HMRC Admin 17

Hi,
 
A telephone conversation may be more beneficial in this instance. 

Please contact the VAT Team to discuss the specifics of your enquiry :


VAT: general enquiries   .

Thank you.

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