Technology services
MTD and the cloud
If your business is VAT registered, you must submit your VAT returns digitally, using approved HMRC software. When Making Tax Digital (MTD) first came into force, HMRC allowed businesses additional time to put in place digital links.
This soft landing came to an end in April 2021. Since then, HMRC has been issuing penalties for not keeping complete and ‘adequate’ digital records for VAT returns – which means copy and paste data is no longer sufficient.
Additionally, from 1 April 2022, many more businesses need to comply with digital reporting requirements. If your business is registered for VAT, regardless of turnover you MUST sign up for MTD.
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The so-called Micawber principle, as stated by Wilkins Micawber in Charles Dickens’ novel David Copperfield, says: “Annual income twenty pounds, annual expenditure nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.”
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May 2, 2024
Hybrid working – what counts as a business journey for tax purposes?
HM Revenue and Customs (HMRC) have updated their guidance on what qualifies as ordinary commuting and private travel for tax purposes to include hybrid or flexible working.
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