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.
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.