HMRC: Making Tax Digital to be extended to all VAT-registered businesses from 2022

HM Revenue & Customs (HMRC) has confirmed that Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022.Continue reading

Businesses who defer VAT payments should continue to file returns as usual, says HMRC

Businesses who have deferred VAT payments until the end of June 2020 should continue to file Making Tax Digital (MTD) returns as normal, the regulator has confirmed.Continue reading

SMEs urged to go digital: £15.3 billion could be added to the UK economy

A recent study suggests that the UK economy could benefit by up to £15.3 billion if SMEs introduce the use of digital technology, tools and connectivity within their organisation.Continue reading

No small issue – The importance of accounting in microbusinesses

Small and medium-sized enterprises (SMEs) account for the majority of the business population in the UK, producing trillions of pounds in revenue every year. However, a large amount of their time is spent working on financial admin.Continue reading

VAT receipts rise to record £133 billion

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

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

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