According to an Intuit QuickBooks survey UK small business owners spent an average of 86 minutes checking their #VAT returns for #HMRC. Over half (51%) made mistakes and only 27% feel confident their return is correct.
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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 i...
The government has finally given into pressure from professional bodies, businesses and MPs and announced that it is to defer implementation of Making Tax Digital (MTD) for a year for larger businesses.
It will also allow small businesses under the VAT threshold to choose when to adopt MTD.
“Businesses agree that digitising the tax system is the right direction of travel,” said Treasury financial...