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Displaying items by tag: small business

Thursday, 13 August 2020 11:37

Making Tax Digital – What’s happening next?

Making Tax Digital, it’s gone quiet but not gone away. As you may recall, VAT registered businesses with a turnover of £85,000 were required to file their VAT Returns using digitally enabled software from 1st April 2019. The original plan was to start the next phase of the rollout from April 2020, then various events (Brexit, to start with) intervened.

The next steps have now been confirmed.

April 2022 - All VAT registered businesses (even those with a turnover below the mandatory £85,000 threshold – mainly those registered voluntarily, for various reasons) will now be required to file using digital software.

April 2023 – Self employed businesses (the remainder that are not VAT registered) and landlords turning over more than £10,000 per annum

Interestingly, no mention for non vat registered companies and llps at this stage.

As with many things though, this could change depending on circumstances and events, but this is the current thinking.

Published in Latest News

Quick reminder to clear up any confusion. The deferral of the VAT payments "between 20th March and 30th June 2020" relates to the dates that the payment is due, not the quarter end of the VAT Return to which it relates. This scheme isn't being extended beyond the end of this month as far as is known at the moment and future VAT payments will have to be made in full, on time.

This relates to payments up to quarter ended 30th April, although your quarter end may be 31st May, you may understandably think that it can be deferred (being between the dates above) however your payment is due by 7th July, which is after the scheme ends.

You'll therefore need to reinstate any cancelled direct debits to HMRC at least three days before to ensure that this can be done and avoid any potential interest and penalties.

If you’re struggling, you always have the option of arranging something like time to pay with HMRC, but it needs to be done directly with them, and is no longer automatic.

Published in Latest News