What is Making Tax Digital and what does it mean for businesses? MTD is a government initiative to reform and modernize the UK tax system, and to help make tax reporting easier for businesses. Starting from April 1, 2022, all VAT registered businesses are required to maintain a digital...
At the moment, Making Tax Digital is all about VAT submissions. But over the coming months and years it will include Income Tax and Corporation Tax too. Are you still filing on the HMRC website? From 1 Nov MTD will be the way* to file your VAT. With the portal closed, VAT submission...
Making Tax Digital - what you and your clients need to know. Information for Accountants ahead of MTD.
What does VAT stand for? VAT is an acronym for Value Added Tax and was introduced in the UK in 1973. What is the VAT rate? There are 3 VAT rates charged in the UK, and each rate depends on the goods or services being provided. The table below sets out these rates and what they ...
What is VAT? VAT stands for value added tax and it’s a sales tax collected on behalf of HMRC. The VAT part of any income never belongs to the business so it’s helpful to set it aside immediately in a separate account - with Starling, you can create a Saving Space for this. You...
Once your business’ taxableturnover exceeds £85,000, you’re legally required toregister for VAT. This means more admin, but can bring tax and cash flow benefits—and filing tax returns will become simpler with HMRC’s plans for Making Tax Digital. ...
There’s been no confirmed date for the measures, but it’s likely that they will be phased in, starting with VAT from the 1st April 2020. Whilst this does give some time to prepare, considering additional changes to tax, specifically Making Tax Digital (MTD), the Low Incomes Tax Reform...
We recommend that you always do your own research and consider getting independent tax, financial and legal advice before making any important decision. Learn the basics of VAT in this guide.What does VAT stand for? Value Added Tax — more commonly known as VAT — is a consumption tax that...
Making Tax Digital for Income Tax is part of the UK government’s long-running plans to digitalise tax. Doing so makes life easier for individuals and businesses who, because their records are digital, get improved visibility into their finances. This empowers better decision-making and the abil...
Knowing the basics of VAT is vital for small business owners in the UK. Find the answers to your VAT questions from how it works to registering, and more.