VAT online service to be withdrawn soon
Making Tax Digital for VAT-registered businesses has been mandatory since April 2022. However, up until now you have been able to file returns using the old online VAT account. When is this changing?
The option to complete VAT returns using the online VAT account will be removed from 1 November 2022, unless your business is exempt from the requirements of Making Tax Digital for VAT (MTDfV). Going forward, filing via MTDfV-compliant software will be mandatory. If you fail to do this, you could be charged a penalty. If the return is not filed on time, your payments will also be affected which cause further issues.
If you haven’t already signed up for MTDfV, you must do this as soon as possible. You will need to follow the guidance to set yourself up for this, or you can ask an accountant or tax advisor to file on your behalf (though you will still need to keep digital records).
Related Topics
-
Corporation tax return filing deadline
-
Could HMRC recategorise your subcontractors?
You use subcontractors for all your building projects and almost always the same individuals. You’ve heard that this could increase the risk of HMRC recategorising them as employees. What steps can you take to counter this?
-
Tribunal rejects reliance on adviser as reasonable excuse
A recent First-tier Tribunal decision has confirmed that relying on an accountant does not automatically amount to a reasonable excuse for missing a self-assessment deadline. The case highlights the limits of delegating tax responsibilities. What does this mean in practice?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.