Vale & West Chartered Accountants Blog

Category Archives:VAT and MTD

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.

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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.

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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. Read More

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. Read More

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. Read More

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). Read More

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.

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MTD for Income Tax delayed until April 2024, HMRC confirms

Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed. Read More

HMRC letters remind businesses of VAT payments change

Reminder letters are being sent out to tens of thousands of UK companies explaining changes in the Making Tax Digital (MTD) system and how it affects them.

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Deadline to pay deferred VAT or arrange payment plan “fast approaching”

The deadline to pay deferred VAT or arrange a payment plan is “fast approaching”, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned. Read More

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