Peers issue warning on MTD

Nov 23, 2018 |

The economic affairs committee of the House of Lords has called for a delay in the rollout of Making Tax Digital (MTD) for VAT-registered businesses, currently scheduled to take effect on 1 April 2019. Among other recommendations, it calls for MTD for VAT to be...

HMRC extends MTD for VAT pilot

Oct 17, 2018 |

More than half a million businesses are now able to test out digital tax reporting for VAT, after HMRC extended its Making Tax Digital (MTD) for VAT pilot scheme to sole traders and companies. From 1 April 2019, VAT-registered businesses with a taxable turnover of...

HMRC approves 18 MTD software suppliers

Jul 16, 2018 |

HMRC has released a list of approved Making Tax Digital (MTD) software developers for VAT-registered businesses to use from next year. Businesses with annual taxable turnover of more than £85,000 will be required to maintain digital records for VAT and submit...

‘Raise the VAT threshold to stimulate SME growth’, IPSE says

Jun 7, 2018 |

The Association of Independent Professionals and the Self-Employed (IPSE) has called for the VAT threshold to be increased, in response to a government consultation. The current £85,000 threshold at which businesses must register for VAT has been frozen until 2020,...

Government launches VAT review

Mar 14, 2018 |

The government has launched a "call for evidence" on the design of the VAT registration threshold, amid concerns that the current system disincentivises small business growth. In November 2017, the £85,000 threshold at which businesses are required to register for VAT...