The UK is currently scheduled to leave the European Union (EU) on 31 October 2019. However, it is still unclear whether that will be with or without a deal.
Whether you are a seasoned pro or a tax ‘newbie’, VAT can cause headaches for business owners. From VAT schemes and registration to Making Tax Digital and exempted goods and services, VAT can cause even the most experienced entrepreneur to
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…
The Government has announced that it will delay the implementation of the domestic VAT reverse charge for building and construction services by a year.
Ahead of a potential no-deal Brexit, the Government has announced that it will start automatically enrolling UK firms in the customs system.
The Chartered Institute of Taxation (CIOT) is urging HM Revenue & Customs (HMRC) to delay the introduction of the VAT reverse charge for the construction industry.
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.
Company directors who attempt to “sidestep” their tax liabilities by forcing their company into insolvency will face tougher penalties from next year.
In an attempt to tackle fraud in the construction industry, HM Revenue & Customs (HMRC) is be introducing a domestic reverse charge which will take effect from October 2019.
HM Revenue & Customs (HMRC) has published a Making Tax Digital (MTD) ‘Mythbusters’ helpsheet to clarify the current situation regarding businesses and MTD.
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.