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Making Tax Digital And VAT Registration

There will be a large number of businesses which have a turnover currently under the Making Tax Digital (MTD) registration limit but which will be getting nearer to that figure over time. Mostly these businesses will not yet be registered for VAT, but some may have registered voluntarily as their particular circumstances have a benefit […]

Read more May 13th, 2019

No Deal Brexit – What About VAT?

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If the UK exits the EU without a deal, UK businesses will have to […]

Read more February 18th, 2019

What Is Making Tax Digital (MTD)?

What MTD means: Making Tax Digital (MTD) is the latest change to the method by which businesses must keep and administer their accounting records. Initially MTD for VAT will require VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software. Many […]

Read more December 6th, 2018

Making Tax Digital Delayed Further, Apart From VAT Reporting

HMRC have confirmed that no further Making Tax Digital (MTD) for business changes will be brought in before 2020 at the earliest. The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources of work to upgrade customs systems in preparation for Brexit. The […]

Read more June 12th, 2018

Changes To The Government Gateway

The government gateway that many businesses use to make online submissions for VAT Returns, EC sales lists, and CIS Returns is to be decommissioned on 14 February 2018. This will be replaced with a new platform. This change will affect some businesses using old software that currently integrates with the gateway to make online submissions. […]

Read more January 24th, 2018

Start Of Digital Reporting Delaying For Smaller Businesses

The Government is committed to the “Making Tax Digital” (MTD) project which is scheduled to start in April 2018 with the first quarterly updates being submitted by the self-employed and property landlords in July 2018. Many business owners, professional advisors and the Treasury select committee had expressed concerns about the timescale for the introduction of […]

Read more April 13th, 2017

Reporting To HMRC Every Quarter To Go Ahead In 2018

The Government and HMRC remain committed to the “Making Tax Digital” (MTD) project with more information being sent online to HM Revenue and Customs (HMRC) by employers, pension funds, banks and other institutions. The next big step will be the introduction of quarterly reporting of income and expenditure by businesses and landlords from 2018. HMRC […]

Read more October 20th, 2016

VAT On Incorporation Of A Business

Despite the new dividend rules and the possible introduction of a new “look-through” entity, many unincorporated businesses are still considering trading as a limited company. It is also important to consider the VAT implications of incorporation. Where the new company carries on the same kind of business as the predecessor, the transfer of the trade […]

Read more September 16th, 2016

Should I Use The VAT Flat Rate Scheme For My Small Business?

The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting. To join the scheme your VAT turnover must be £150,000 or less (excluding VAT), and you must apply to HMRC to use the scheme. […]

Read more July 12th, 2016

Supplying Digital Services To Customers In Other EU Countries?

The VAT place of supply rules changed on 1 January 2015 where digital services are supplied to non-business customers. The place of supply changed from where the supplier was based to where the customer is located as some companies were avoiding UK VAT. This rule change had serious implications for small businesses supplying digital services […]

Read more May 11th, 2016