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UK VAT penalty regime reform 2023 launched
New penalties and interest regime for VAT return periods beginning 1 January 2023 The new UK VAT penalties regime for late returns and payments is now in place, with a system of penalty points that can build towards an eventual fines. This has replaced the
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UK Making Tax Digital for VAT extended to small businesses April 2022
UK extends MTD digital record-keeping and filing obligations to 1.1 million taxpayers from 1 April 2022; builds on phase II, April 2021 The requirements around digital VAT record keeping and submissions through MTD-compatible software to HMRC are to be extended to around 1.1 million small
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UK warns 1.1million taxpayers on 1 April 2022 MTD changes
Voluntary VAT registered business liable to Making Tax Digital for VAT bookkeeping, digital links and API filing requirements From 1 April 2022, all VAT registered businesses are mandated to follow the UK’s requirements on digital recording and reporting Value Added Tax details. This means for
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UK Making Tax Digital for VAT revenues falls short by £215m after £357m investment
HMRC’s MTD for VAT 45% behind 2020/21 revenue budget; cost for taxpayers £1.5billion The UK’s National Audit Office has stated that expected revenues from HMRC’s Making Tax Digital for VAT (MTD) campaign only raised £265million in 2020-21 against the forecast of £470million. However, the aim
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UK Making Tax Digital 1 April 2021 changes
The UK’s second phase of Making Tax Digital comes into effect on 1 April 2021. This follows a 1-year delay, adding to the already provided 1 year ‘softlanding’ due to COVID-19. Phase 1 of MTD for VAT, using the API link to file a VAT
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UK MTD – Death of the VAT Return?
Death of the VAT Return Over one million UK businesses are in the midst of HMRC’s biggest transformation of tax reporting – Making Tax Digital for VAT (MTD). The first mandated MTD VAT returns went in last month; the big first quarterly wave goes in