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  • RE: How to deal with Self assessment now VAT registered

    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
  • RE: How to deal with Self assessment now VAT registered

    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
  • How to deal with Self assessment now VAT registered

    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
  • Self assessment / MTD split financial year

    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 - 31/3/22 ? Many thanks