Mamut One - Making Tax Digital

Making Tax Digital

What is Making Tax Digital?

Starting in April 2019, the government's new Making Tax Digital (MTD) initiative will see important changes to the way in which businesses report their VAT information to HMRC.

MTD doesn't change what you submit to HMRC, it changes how you submit it.

MTD aims to provide businesses the ability to keep records of their income and expenditure digitally, and to send VAT summary updates to HMRC from their software.  In turn this will provide a more timely, efficient and simpler tax system, reducing the likelihood of errors and giving businesses more certainty of their position throughout the year. 

Who is Affected?

From April 2019, VAT registered businesses (including self-employed and landlords) with turnover above the VAT registration threshold (currently £85,000) will have to:

  • keep their records digitally (for VAT purposes only)
  • provide their VAT return information to HMRC through Making Tax Digital compatible software

Smaller businesses will not be required to use the system, although they can do so voluntarily.

Mamut One & Making Tax Digitial

The Mamut Making Tax Digitial (MTD) application is now available. 

  • Download the Mamut MTD guide now Click Here
  • The latest version of Mamut One (Version 22.1) is required to run the MTD feature.  Check which version you are currently using by selecting Help> About within your Mamut application.  Full instructions to upgrade can be found here.
  • Download the Mamut MTD application Click Here

Examples from Mamut One's new VAT MTD feature:

MTD Mamut
Making Tax Digital Mamut

When Do You Need To Start?

Most businesses and organisations within the scope of Making Tax Digital will have to submit VAT returns from compatible software from the start of their first full VAT period starting on or after 1 April 2019.

Quarterly VAT Periods

The relevant dates for businesses starting MTD from 1 April 2019 that file VAT quarterly are:

Mamut MTD

* If making payments electronically, otherwise 31 July, 31 August, and 30 September.

Monthly VAT periods

For businesses on monthly VAT periods, the first mandatory MTD VAT period will be 1 April - 30 April 2019, with a submission deadline of 7 June or 31 May 2019, depending on whether you pay electronically or otherwise.

When Do You Need Mamut One's Making Tax Digital Feature?

Mamut One's MTD application is now available.  So, when exactly do you need to install the MTD application?

We recommend you install the MTD feature as soon as you can..

However some points to consider are:

  • You do not need the Mamut One MTD feature in order to record transactions from 1 April 2019.
  • You can install the Mamut One MTD feature at any time prior to submitting your first MTD VAT return.
  • If you have not already done so, it is highly recommended you upgrade to Mamut One, Version 22.1 now, in preparation MTD.  Full instructions to upgrade can be found here.
  • You must be on Version 22.1 and install the Mamut One MTD feature in order to submit your first MTD VAT return.

Further Information

Useful resources can be found below: