New VAT late filing and payment penalties and interest
Posted on March 2, 2023For VAT periods starting on or after 1 January 2023 a new penalty and interest regime has been introduced for both the late filing of VAT returns (even if they are a repayment or a nil return) and the late payment of VAT. LATE FILING PENALTIES Late More...
Making Tax Digital (MTD) for small businesses
Posted on March 1, 2019From 1 April 2019 businesses in MTD for VAT were required to: Maintain their accounting records digitally in a software product eg Xero, Quickfile or a spreadsheet, andSubmit their VAT returns to HMRC using functional compatible software. HMRC are More...
Limited Cost Traders and the Flat Rate VAT Scheme
Posted on February 27, 2017From 1 April 2017 a new flat rate scheme ‘FRS’ VAT category will be introduced for any business deemed to be a ’limited cost trader’. HMRC estimates that 123,000 out of 411,000 existing FRS users will belong to the new category. This new catego More...
