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MTD Myths Busted

With Making Tax Digital for Vat just round the corner I set out below 6 of the most common misconceptions about what is going to happen on 1st April and nothing to do with Brexit! If you have any questions, concerns or just need some help please contact us at Perspectives Accounting we are MTD ready are you ? #MTD #MTDfV #makingTaxDigital

MTD registration will not be in real time

Making Tax Digital for VAT registration (MTDfV) will take seven working days. The latest HMRC notification updated its guidance for businesses looking to sign up to Making Tax Digital for VAT, pointing out those that pay VAT by direct debit will need to do so at least a week – seven working days - before sending a VAT return. This means that businesses that pay VAT by direct debit cannot sign up in the seven working days leading up to, or the five working days after sending a VAT return. HMRC will send a confirmation email within 72 hours of signing up. From April 2019, most VAT registered businesses with a taxable turnover above £85,000 must keep digital VAT records and use software compati

Did you miss the SA deadline?

#HMRC has decided to delay sending late self-assessment penalty notices due to #Brexit. Which could see some of the 731,186 taxpayers, who missed the deadline, paying additional penalties on top of the initial £100 late fee. #SApenalty #HMRC #100
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