Mar 7, 2022 | VAT
Four in five small businesses are still unaware they need to be ready for Making Tax Digital (MTD) from April 2022, according to Intuit QuickBooks. With just one month to go until the extension of MTD for VAT, 82% of small businesses said they didn't know the scheme...
Jan 11, 2022 | VAT
Businesses should take steps to prepare for Making Tax Digital (MTD) for VAT before it becomes mandatory for all VAT-registered businesses, HMRC has said. Designed to help businesses eliminate common errors and save time managing their tax affairs, MTD for VAT will...
Oct 18, 2021 | VAT
Chancellor Rishi Sunak is reportedly considering a cut to the current 5% VAT rate on household energy bills in response to a looming cost of living crisis, reports suggest. Government officials briefed on this month's Autumn Budget said Sunak had looked at reducing...
Oct 4, 2021 | VAT
A temporary reduction in VAT to 5% for certain hospitality and tourism businesses introduced at the onset of the pandemic has come to an end. VAT for hospitality and tourism rose to 12.5% on 1 October 2021 and will return to its pre-pandemic level of 20% in April 2022...
Sep 20, 2021 | VAT
The amount of tax lost in the UK through non-payment, avoidance and fraud increased to 5.3% (£35 billion) in 2019/20, official statistics show. HMRC secured 94.7% of all tax due in 2019/20 but saw its ‘tax gap' widen, despite the introduction of Making Tax Digital...
