Businesses who have deferred VAT payments until the end of June 2020 should continue to file Making Tax Digital (MTD) returns as normal, the regulator has confirmed.
Small and medium-sized enterprises (SMEs) account for the majority of the business population in the UK, producing trillions of pounds in revenue every year. However, a large amount of their time is spent working on financial admin.
The amount of VAT collected in the last 12 months has risen to a record £133 billion, with a significant contribution from the retail and wholesale sectors.
HM Revenue and Customs (HMRC) has revealed that 1.1 million businesses have now signed up for Making Tax Digital (MTD) and so far, 1.2 million VAT returns have been successfully submitted through the service.
Making Tax Digital (MTD) for VAT was launched in April 2019, which means that hundreds of thousands of businesses are now recording and reporting their accounts digitally to HM Revenue & Customs (HMRC).
What your business needs to know about VAT…
According to the latest industry research, thousands of businesses are struggling to get to grips with Making Tax Digital (MTD).
Half of all small-medium sized enterprises (SMEs) make errors when filing their VAT returns, according to the latest research.
HM Revenue & Customs (HMRC) has published a Making Tax Digital (MTD) ‘Mythbusters’ helpsheet to clarify the current situation regarding businesses and MTD.
The VAT notice for Making Tax Digital (MTD) has been updated, relaxing the rules to help clients.
According to new research, thousands of UK businesses could find themselves under scrutiny from HM Revenue & Customs (HMRC) for failing to follow new rules on keeping digital records.
The tax gap – the difference between the amount of tax that should be paid and what is actually paid – has shrunk to just 5.6 per cent.
Making Tax Digital (MTD) was launched in April 2019 for VAT. Now, hundreds of thousands of VAT-registered businesses who are above the VAT threshold of £85,000 are recording and reporting their accounts digitally to HM Revenue & Customs (HMRC).
As of today, UK based businesses that have a taxable turnover above the VAT threshold of £85,000 will be required to switch to the new digital tax service to report earnings and calculate VAT owed.
HM Revenue & Customs (HMRC) has warned that registration for Making Tax Digital (MTD) for VAT will take up to seven days to complete and will not be a real-time service.