Author: lcmoffice

Making Tax Digital (MTD) for VAT requires VAT registered businesses with a taxable turnover greater than the VAT threshold (currently £85,000) to keep all of their VAT records digitally.

In addition, businesses must file their VAT returns through MTD compliant software. The option to manually calculate the totals of boxes 1-9, and then keying them in to the HMRC website is no longer available.

Some positive news for taxpayers as HMRC announces that they will waive self-assessment late filing & late payment penalties for one month. 

This announcement will give taxpayers completing their tax return an additional month to file their return & pay any taxes due.