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.
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.
Just 17 per cent of businesses who trade with the EU have registered for an Economic Operator and Registration Identification (EORI) number, new figures have revealed.
This year could be the most challenging year yet for the construction industry, as HM Revenue and Customs (HMRC) has announced that the VAT reverse charge will commence 1 October 2019. The Government announced in the 2017 autumn budget statement
The Government has written to more than 145,000 VAT-registered businesses across the UK, explaining the potential changes to customs, excise and VAT in the event that the UK leaves the EU without a deal.
Accounting experts have accused HMRC of shifting the “tax burden” onto UK consumers after finding that 21 per cent of their total income is accounted for by VAT.
The Joint and Several Liability (JSL) notices, were introduced in 2016 to protect British businesses from being undercut by overseas sellers committing VAT evasion.
HM Revenue & Customs (HMRC) is owed a record £3 billion in outstanding VAT payments by UK businesses, it has emerged.
HM Revenue & Customs (HMRC) has this week opened a pilot scheme for Making Tax Digital (MTD) for VAT – the first phase of the Government’s digital tax reporting overhaul.