The most common VAT filing mistakes – and why MTD is the solution!
If your business has a turnover of £90,000 or more and sells products or services subject to VAT, then you must register to pay it and file a return to HM Revenue & Customs (HMRC) – at least once every three months.
New VAT penalty regime – What do you need to know?
HMRC is launching a new penalty regime where VAT returns are submitted late or VAT is not paid on time.
Penalties for businesses failing to comply with Making Tax Digital
Are you signed up to Making Tax Digital for VAT? Failure to do so will result in penalties from 1 November 2022, HRMC has confirmed.
Cloud accounting: top tips to innovate your bookkeeping
The accounting world is constantly evolving into the digital world, with technology on hand to help with the everyday issues of financial management and bookkeeping.
Making Tax Digital for VAT – What you need to know
The next few years will see several significant changes to taxation, including, more immediately, the further expansion of Making Tax Digital (MTD) for VAT in April this year.
HMRC to close helplines one day a week to clear backlog
VAT and Corporation Tax helplines at HM Revenue & Customs (HMRC) will close for one day a week to help clear the backlog built up during the COVID-19 pandemic.
Penalty reform for VAT delayed until January 2023
The penalty reform for late payments has been delayed until 1 January 2023, confirms a statement by Lucy Frazer (The Financial Secretary to the Treasury).
Businesses that do not use MTD for VAT make more errors than those that do, study reveals
Small and medium-sized enterprises (SMEs) that do not use Making Tax Digital (MTD) for VAT make more errors than those that do, a major study has revealed.