MAKING TAX DIGITAL FOR VAT: What you need to know now April 2019 is here!
VAT registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to use the Making Tax Digital service to keep records digitally and use software to submit their VAT returns for VAT periods that started on or after 1 April 2019. The...
Spring Statement 2019
Amidst all the Brexit debates, the Chancellor Philip Hammond presented his second Spring Statement on Wednesday 13 March 2019. In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition...
Lords call for a delay to Making Tax Digital for VAT until 2020
The House of Lords Economic Affairs Committee have issued a scathing report on HMRC’s Making Tax Digital (“MTD”) for VAT program. The committee have voiced disappointment that on many issues raised by the committee in their 2017 report HMRC had taken “no...
Making Tax Digital awareness and planning survey results
ICAEW has conducted a survey of 500 businesses to see if they are aware of the new requirements of the HMRC’s Making Tax Digital (MTD) programme and how they plan to adapt to the changes. The survey took place in July 2018 and at that time only 51% of VAT registered...
