VAT

Smiling,Female,Waitress,Take,Order,Talk,To,Clients,Cafe,Restaurant

Huge majority back move to keep hospitality VAT at 12.5 per cent

Mar 17, 2022

The British public is overwhelmingly in support of the temporary 12.5 per cent rate of VAT for hospitality being retained. According to a new poll, nearly 80 per cent are in favour, but the Government seems determined that the rate will ...

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Cloud accounting 10.2

Benefits of cloud accounting software far outweigh costs, study reveals

Feb 11, 2022

Cloud accounting software adopters are more likely to experience the benefits of Making Tax Digital (MTD) for VAT than those using only bridging software, a new study has revealed. The research, published by HM Revenue & Customs (HMRC), comes ahead of ...

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Upset,Tired,Young,Asia,Woman,Sit,On,Sofa,At,Home

Penalty reform for VAT delayed until January 2023

Jan 17, 2022

The penalty reform for late payments has been delayed until 1 January 2023, confirms a statement by Lucy Frazer (The Financial Secretary to the Treasury). There is currently a VAT default surcharge in place, which is incurred if the VAT return ...

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Tax,Time,Post-it,On,Alarm,Clock,And,Individual,Income,Tax

MTD for Income Tax delayed until April 2024, HMRC confirms

Sep 27, 2021

Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed. It means self-employed business owners and landlords will have one more year to prepare for the digitalisation of Self Assessment. According to HM Revenue & ...

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Hospitality (4)

Budget 2021: Hospitality businesses call for extended VAT cut

Feb 22, 2021

Due to the prolonged impact of coronavirus on the hospitality industry, firms within this sector urge Chancellor Rishi Sunak to extend the VAT reductions for a year in the Budget. In 2020, the VAT reduction went from 20 per cent to ...

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Export (4)

EU exports halt as UK firms encounter extra charges

Jan 25, 2021

Due to the new trade rules that came into effect on 1 January 2021, many UK businesses, who export to the EU, have been hit by extra charges, taxes and paperwork. Some have stopped exports to the EU as a ...

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Self assessment tax return

Time to Pay threshold increased to £30,000

Oct 02, 2020

From this week, Self Assessment customers affected by Covid-19 can apply online to spread the cost of their tax bill into affordable monthly payments. The amount of tax liabilities which can be spread out has also been increased from £10,000 to ...

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MTD

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

Aug 06, 2020

HM Revenue & Customs (HMRC) has confirmed that Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022. The change forms part of the Government’s digital tax drive, which will eventually see all kinds of tax reported ...

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Self Employed

Self-assessment taxpayers can “automatically defer payments on account”, HMRC confirms

Jul 20, 2020

Self-employed taxpayers due to make a payment on account can automatically defer the payment until 31 January 2021, it has been confirmed. The second Self Assessment payment on account for the tax year 2019/20 is usually due at the end of ...

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Tax

“Tax gap” falls to lowest level on record

Jul 14, 2020

The “tax gap” – the difference between what should be paid and what is actually paid – has fallen to its lowest recorded rate, new figures have revealed. HM Revenue & Customs (HMRC) said the record is a collaborative result of ...

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