HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA). Read more about HMRC outlines changes to late payment penalty regime[…]
From January 1st 2021 When the UK left the EU, new rules came into effect that change how goods sold to and received will be treated. Although many overseas sellers joined Making Tax Digital for VAT in October 2019, the change to import VAT rules may affect further businesses selling to UK customers. March 31st Read more about Key upcoming dates Making Tax Digital for VAT[…]
The House of Lords economic affairs committee said that it had ‘been struck with a sense of déjà vu’ throughout its inquiry, finding it disappointing ‘that many of the concerns raised in evidence to this inquiry have repeated issues addressed in our 2017 report’. The 2017 report suggested that the tax gap benefit supposed by Read more about Lords recommend delay in Making Tax Digital for VAT until 2020[…]
HMRC published a new notice (700/22) in July with more detail on Making Tax Digital for VAT (MTDfV). The notice confirms that MTDfV will apply to all businesses for the first VAT period starting on or after 1 April 2019 where their turnover was in excess of the registration limit (currently £85,000) in the Read more about Making Tax Digital (MTD) – VAT update[…]