HMRC has warned that the registration process for Making Tax Digital for VAT, due to come into effect from 1 April, will take seven days to complete, and will not be a real time service
The introduction of Making Tax Digital for VAT will transform the way VAT is reported with a requirement to use digital records, but there is some respite as the first filing date is no earlier than 1 July and there is a soft-landing penalty regime in year one. Emma Chesson, head of online at Kreston Reeves, explains how to get started
With only weeks to go until the planned introduction of Making Tax Digital, nearly one in five businesses above the VAT threshold still know little or nothing about the new requirements, according to the British Chambers of Commerce (BCC), which is calling on the government to delay the launch
HMRC has issued updated guidance outlining the situations in which businesses and individuals can receive exemption from Making Tax Digital, although Low Incomes Tax Reform Group (LITRG) is warning that VAT registered individuals and businesses have little time to apply for an exemption
HMRC’s decision to allow companies a soft landing without penalties for Making Tax Digital for VAT is welcome but there is still much confusion about the software requirements for companies, says Yvette Nunn CTA, owner partner at Berkeley Associates
The deadlines for Brexit and the overhaul of VAT reporting under Making Tax Digital are uncomfortably close, while the risk of reverting overnight on 29 March to third country status for exports and audits, are just some of the bigger unknowns for business, tax advisers and accountants, says Sara White, editor of Accountancy Daily
In this month’s round up of tax developments, Harry Potter star loses appeal, HMRC fines homeless man, landmark overseas powers case, July deadline for first MTD, child benefit eligibility warning, Brexit VAT expenses deadline, probate fees hike
With only one month to go, there are still 1.17m businesses, out of a total of 1.2m, which are yet to sign up to Making Tax Digital for VAT, although HMRC says 2,000 business are now signing up each day
Companies will not have to file their first digital VAT return under Making Tax Digital for VAT until 1 July at the earliest, although the digital reporting requirement becomes mandatory in April
With six weeks to go to the launch of Making Tax Digital for VAT, HMRC research indicates 81% of VAT mandated businesses are aware of the new requirements and a similar proportion have started to prepare for the changes, although only 45% plan to sign up before the April deadline
Nearly two thirds of businesses (64%) say that Making Tax Digital is a good idea but that they need more support with their plans ahead of the deadline of 1 April for mandatory digital VAT reporting, and only 12% are confident of their approach, according to research from KPMG
HMRC has published guidance on how to apply for approval to get an agent services account for agent businesses based outside the UK, in an extension of its current functionality
With less than 50 days to go until Making Tax Digital for VAT becomes mandatory for businesses registered for VAT, HMRC has confirmed that companies will be able use a 'cut and paste' approach during the one-year soft landing before companies need to use digital links
The ever daunting volume of tax code leaves taxpayers confused and liable to be caught out by ever more arcane tax rules. Yvette Nunn CTA, founder of Berkeley Associates, gives a candid view of some of the more complex tax traps from compliance with non residential CGT to the risks of falling foul of the annual allowance when saving for a pension
