Updates

MTD starts for VAT from April 2019, but HMRC will be happy to collect penalties from those that miss the deadline. VAT registered traders need to plan now and act soon to make sure they are ready. 

 

With gloomy forecasts of the economy and poor growth plus ever increasing costs of Brexit the Chancellor had little room for manoeuvre. His report set out a number of actions the government will take including support for more house building. The major attention-grabber was aimed at first time buyers who will not have to pay Stamp Duty Land Tax on homes costing up to £300,000 but this may backfire with increased house prices.

We are busy planning and preparing to make sure we and our clients are ready for Making Tax Digital (MTD) and it’s big brother MTDfB.

The government have issued information on how Making Tax Digital for Business (MTDfB) is expected to work for VAT once the rules are introduced in April 2019.

Significant changes have been announced for the amount of VAT that many small businesses will have to pay.