Businesses that deferred VAT payments last year have one month left to join online to pay monthly instalments under the VAT Deferral Payment Scheme. The online portal for the new payment scheme closes on 21 June 2021. Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under … Read more
With Making Tax Digital coming into force on the 1st April, 2019, it is now time for many of the 1.2 million businesses affected by the new law to submit their first quarterly VAT Return to HMRC using the software by the 7th August, 2019. HMRC is still urging businesses with an annual turnover above … Read more
Value Added Tax (VAT) was first introduced in the United Kingdom In 1973. The standard rate of VAT increased to 20% in January 2011 and is one of the government’s largest source of revenue. Although the standard rate applies to most goods and services, a reduced rate of 5% applies to home energy, while the … Read more
From April 2019, VAT registered businesses with an annual turnover in excess of £85,000 will be required to keep their records in a digital format and submit VAT returns using Making Tax Digital (MTD) compatible software. HM Revenue & Customs has been charged by the government to modernise the current tax system. Over the past … Read more
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