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. Continue reading
Category Archives: MTD
120,000 businesses failed to meet the Making Tax Digital deadline
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. Continue reading
Making Tax Digital: what happens next?
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). Continue reading
Thousands of businesses struggling to get to grips with MTD
According to the latest industry research, thousands of businesses are struggling to get to grips with Making Tax Digital (MTD). Continue reading
Half of all SMEs make VAT return mistakes
Half of all small-medium sized enterprises (SMEs) make errors when filing their VAT returns, according to the latest research. Continue reading
HMRC publishes Making Tax Digital ‘Mythbusters’ helpsheet
HM Revenue & Customs (HMRC) has published a Making Tax Digital (MTD) ‘Mythbusters’ helpsheet to clarify the current situation regarding businesses and MTD. Continue reading
Making Tax Digital – important updates
The VAT notice for Making Tax Digital (MTD) has been updated, relaxing the rules to help clients. Continue reading
Is your business compliant with the Making Tax Digital rules?
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. Continue reading
Next Steps for Making Tax Digital
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). Continue reading
Making tax digital is live today, yet one million businesses are not registered
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. Continue reading