New penalties and interest regime for VAT return periods beginning 1 January 2023 The new UK VAT penalties regime for late returns and payments is now in place, with a system of penalty points that can build towards an eventual fines. This has replaced the
UK extends MTD digital record-keeping and filing obligations to 1.1 million taxpayers from 1 April 2022; builds on phase II, April 2021 The requirements around digital VAT record keeping and submissions through MTD-compatible software to HMRC are to be extended to around 1.1 million small
Voluntary VAT registered business liable to Making Tax Digital for VAT bookkeeping, digital links and API filing requirements From 1 April 2022, all VAT registered businesses are mandated to follow the UK’s requirements on digital recording and reporting Value Added Tax details. This means for
HMRC’s MTD for VAT 45% behind 2020/21 revenue budget; cost for taxpayers £1.5billion The UK’s National Audit Office has stated that expected revenues from HMRC’s Making Tax Digital for VAT (MTD) campaign only raised £265million in 2020-21 against the forecast of £470million. However, the aim
The UK’s second phase of Making Tax Digital comes into effect on 1 April 2021. This follows a 1-year delay, adding to the already provided 1 year ‘softlanding’ due to COVID-19. Phase 1 of MTD for VAT, using the API link to file a VAT
Death of the VAT Return Over one million UK businesses are in the midst of HMRC’s biggest transformation of tax reporting – Making Tax Digital for VAT (MTD). The first mandated MTD VAT returns went in last month; the big first quarterly wave goes in
