This new measure will affect taxpayers and those who act on behalf of taxpayers who are required to submit either a VAT return or an Income Tax Self-Assessment (ITSA) return, more specifically those who fail to submit returns or pay on time. It will be a points-based penalty regime for regular tax return submission obligations.

What is postponed accounting?

Postponed accounting means that the importer does not pay import VAT when goods arrive at a port or airport instead the VAT is deferred.

HMRC is writing to charities to inform them of the latest changes to VAT relief on social media advertising. 

With Making Tax Digital just around the corner, there has been some confusion around when businesses need to sign up for the new Business Tax Account and submit their VAT return through their accounting software.  In our latest blog, we look at the timings involved. 

As we have mentioned before, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000.
 

As we have mentioned before, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000.
 

HMRC are making changes to the VAT portal which will only be compatible with the latest version of Sage 50 Accounts (version 24). Clients using older versions of Sage will need to upgrade their software package in order to submit VAT returns directly from Sage.