The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to start keeping their records digitally (for VAT purposes only) and provide their VAT return information to HMRC by using compatible software.
HMRC has published a press release to help remind businesses to get ready for the change and suggested the following action points:
HMRC has advised that during the first year of the changes they will take a light touch approach to digital record keeping and filing penalties, especially if businesses are doing their best to comply with the law. However, this does not mean a blanket 'no penalties promise'.
Planning note
If you are VAT registered, with turnover above £85,000, and you have not yet converted to the use of accounts software that will link with HMRC's systems, please call as we can help you deal with the updates and changes required.
27/03/2024 - More...
HMRC has been forced into an embarrassing climbdown on plans to close the Self-Assessment, VAT and PAYE helplines from
27/03/2024 - More...
Earlier this month, saw the 10th anniversary of the StepChange Debt Charity’s annual Debt Awareness Week. This is
27/03/2024 - More...
The rules for individuals providing services via an intermediary such as a personal service company (PSC) are complex.
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!
» Sign up for the Newsletter
» Login