A VAT cut in the food, drink and hospitality sectors came into force this week following the Chancellor’s ‘Summer Economic Update’ last week.
Chancellor Rishi Sunak is reportedly drawing up plans for temporary tax cuts and other measures to help boost the British economy as it emerges from lockdown next month.
Facing a steep recession triggered by the coronavirus outbreak, which could involve high numbers of job losses and business failures, the Chancellor is searching for ways to bolster the economy and boost spending.
It is thought that the Chancellor is considering a range of options, including a VAT cut, a reduction in employers’ National Insurance Contributions and business rates reform.
HMRC has urged businesses that will be affected by Making Tax Digital to submit their first quarterly return using approved software by 7 August.
Under the new rules, which came into effect on 1 April, businesses with an annual turnover over £85,000 need to sign up to Making Tax Digital and submit a quarterly VAT return before the 7 August filing date.
There is less than a month left for VAT-paying businesses to prepare for Making Tax Digital (MTD).
MTD is the government’s flagship tax digitalisation scheme that will require all businesses to keep digital records and file and pay tax online.
MTD for VAT is the first stage of the digital roll-out and takes effect from 1 April 2019.
Making Tax Digital is the latest HMRC campaign to modernise tax collection and make life easier for business owners.
The first raft of changes, which affects VAT payers, will come into force on 1 April 2019. But a survey from the British Chambers of Commerce reveals that 24% of firms have never even heard of the measure.
Making Tax Digital for VAT will apply to all VAT-registered businesses that have a taxable income over the VAT threshold of £85,000.
The Chancellor has unveiled a £30bn plan to protect jobs and boost the economy in the wake of the coronavirus pandemic, but what will this ‘mini budget’ mean for contractors’ small businesses in the UK?
The biggest transformation to the tax system this century, Making Tax Digital (MTD) for VAT came into force for more than a million businesses in April.
Under the changes, VAT-registered businesses with a turnover that exceeds £85,000 need to keep digital tax records and submit their VAT returns to HMRC using compatible software like FreeAgent or Xero.
Making Tax Digital (MTD) for VAT is here and it means a number of important changes to the way that businesses file and report their VAT.
If you run a VAT-registered business with a taxable turnover above the VAT threshold of £85,000, you are required to keep digital VAT records using MTD-compatible software like FreeAgent or Xero.
The new rules took effect from April 2019. To make life easier for busy business owners, FreeAgent has introduced a range of updates and improvements to their VAT filing system.
In this blog post, we detail some new features and functionality that will make the VAT process quick and simple.
Did you struggle filing your tax return last month? Xero’s acquisition of Instafile promises to make tax preparation much easier next time around.
Instafile, which is only available through Xero Partners like CloudAccountant.co.uk, automates tax filing and reporting by connecting small businesses directly with tax authorities like HMRC.
Cloud Accountant is ready to help contractors, freelancers and other small business owners make the most of HMRC’s new Making Tax Digital (MTD) requirements.
Having been awarded Xero’s Making Tax Digital Ready accreditation, our specialist digital accountancy practice can help small business owners put the required software and processes in place before the first MTD deadline in April 2019.
From next April, companies that exceed the £85,000 VAT revenue threshold will no longer be able submit VAT returns manually. Instead, companies will need to use HMRC-compliant software to track and submit the returns automatically.