HM Revenue & Custom have quietly slipped out new guidance shortly before the next major deadline in the timeline in the Making Tax Digital (MTD) rollout. For the uninitiated, MTD is a UK Government scheme that has a “vision” in which the tax administration system for UK taxpayers and businesses alike is more efficient and even simpler for taxpayers to navigate. The new guidance surrounds...
This is the first Autumn Budget which has taken over from the now defunct Autumn Statement. The Chancellor, Philip Hammond MP, froze the threshold for VAT, introduced reverse charging for construction industry VAT reporting and also introducing new online VAT fraud processes to clamp down on illicit online trading. VAT had made the headlines even before Philip Hammond stood up to present his Budget to...
Her Majesty’s Revenue and Customs are quite specific about this; if your business has a taxable turnover that is greater than £83,000 a year, you must register for VAT. What is VAT? VAT is value added tax. It is levied on certain purchases – from IT equipment to supplies – and must be paid. However, the way you repay the VAT generated by your business...
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