HMRC is launching a new penalty regime where VAT returns are submitted late or VAT is not paid on time.
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.
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
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
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
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
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.
Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed. Read More
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.
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