VAT
How can you deal with VAT return errors?
Feb 09, 2023
If you are running a business, handling VAT returns can be complex. You may have submitted returns with errors previously if you were unsure of what to do and could be at risk of further investigation or fines from HM ...
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Autumn Statement 2022
Nov 17, 2022
The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and ...
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New VAT penalty regime – What do you need to know?
Nov 04, 2022
HMRC is launching a new penalty regime where VAT returns are submitted late or VAT is not paid on time. As of 1 January 2023, these penalties will apply to anyone obliged to regularly record and report VAT information. This change reflects ...
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Flat Rate Scheme: What do you need to know?
Oct 11, 2022
When running a business, ensuring you get VAT right is vital. So, how can you make things easier? Designed to streamline record-keeping, the VAT Flat Rate Scheme allows you to pay or claim back a simplified fixed rate of VAT to ...
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Fiscal Statement
Sep 23, 2022
With a new King at the Palace and a new Prime Minister at Number 10, it was no surprise that the new Chancellor at Number 11 used his first statement to the House of Commons to signal a ...
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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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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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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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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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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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