In addition to self- serve time to pay arrangements for self-assessment, HMRC has now launched self-serve time for VAT registered business subject to certain conditions. These conditions are as below: The business must: Be VAT registered; Owe £20,000 or less;…
Prepare for upcoming changes to HMRC's VAT late payment penalty and VAT interest charges As of November 2022, all VAT-registered businesses were required to submit their returns via Making Tax Digital software. In line with this, from 1st January 2023,…
The deadline for Making Tax Digital for VAT is less than a month away. Find out what to do to be ready and avoid any penalties What is Making Tax Digital Making Tax Digital (MTD) is an initiative by HMRC…
Are you unsure whether to use Making Tax Digital software or spreadsheets for your tax returns? For businesses wanting to continue using spreadsheets, we outline the benefits vs the disadvantages. What is Making Tax Digital (MTD) for VAT registered businesses?…
What you need to know about claiming VAT on an electric car for your business Whether a business can reclaim VAT on electric cars is a question being asked more frequently by business owners. More and more businesses are looking…
If your business took advantage of the option to defer VAT due between 20 March and 30 June 2020 you can now consider how you wish to pay the liability. You can, of course, pay it in full but if…
The Construction Industry Scheme (CIS) VAT reverse charge applies to construction services from 1 March 2021. Here is a simple guide to the new rules: What is it? The new reverse charge will apply to supplies of construction work from…
MTD for VAT - Are You Ready For the Next Step? Making Tax Digital for VAT became compulsory in April 2019 which means another important digital deadline is looming. Not sure what is it or when it takes effect? …