HMRC outlines changes to late payment penalty regime

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[…]

HMRC’s VAT Deferral New Payment Scheme set to close on 21st June

Businesses that deferred VAT payments last year have less than a month left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme, HMRC has warned. The online portal for the new payment scheme will close on 21 June 2021. Over half a million businesses deferred £34 billion in VAT Read more about HMRC’s VAT Deferral New Payment Scheme set to close on 21st June[…]

VAT MTD Service is currently unavailable

HMRC undertook a scheduled maintenance to it’s digital services in order to deliver a number of iterative enhancements to the functionality of the Making Tax Digital (MTD) for VAT service. HMRC have issued an update ‘Unfortunately, following successful delivery of this functionality over the weekend, an issue has been identified which is impacting the ability Read more about VAT MTD Service is currently unavailable[…]

Main points from the budget (3 March 2021)

Here are some of the key points from the budget of 3 March 2021: Furlough and Self-employed grant extended until September. Universal Credit uplift of £20 to be extended for a further 6 months. Incentive payments of £3,000 for all new hires of any age. Business rates holiday will be extended until June. National insurance, Read more about Main points from the budget (3 March 2021)[…]

VAT deferral new payment scheme – join from 23‌‌ February

If you deferred paying VAT due in the period from 20‌‌ March to 30‌‌ June‌‌ 2020, you should pay it by 31‌‌ ‌March‌‌ ‌2021 if you can. If you can’t afford to pay by 31‌‌ March‌‌ 2021, you can join the VAT deferral new payment scheme and pay your deferred VAT over a longer period. The online service will open Read more about VAT deferral new payment scheme – join from 23‌‌ February[…]

Key upcoming dates Making Tax Digital for VAT

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[…]

Making Tax Digital for VAT as a business or sole trader

From 1 April 2022 all VAT registered businesses must follow the new rules regardless of turnover. If you’re a VAT registered business with a taxable turnover above £85,000, you must follow the rules for Making Tax Digital for VAT unless: your business uses the VAT GIANT service – HMRC will contact you to tell you when the deadline Read more about Making Tax Digital for VAT as a business or sole trader[…]