New Penalties for Non-Compliance with Making Tax Digital
HMRC have issued guidance for VAT-registered business and their agents on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules.
Making Tax Digital is now mandatory for VAT-registered businesses
All VAT-registered businesses must use #MTD for #VAT for their first VAT return period that starts on or after 1st April 2022. For anyone unsure about this, we can help to choose the software that is right for you.
Accounting for Import VAT on your VAT return
HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union. Businesses registered for VAT in the UK can account for import VAT on their VAT Return for goods imported into: Great Britain (England, Scotland and Wales) … Continued
VAT Margin Scheme on sales of vehicles
A Margin Scheme is an optional method of accounting which allows certain businesses to calculate VAT based on the ‘value’ they add to the goods they sell, rather than on the full selling price. Without the use of the Margin Scheme, businesses would have to account for VAT on the … Continued