Allowances frozen and cut
It is easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder.
New VAT late-filing penalties
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime.
New VAT late-payment penalties
In addition to the new penalties for late VAT returns there is also a new system of penalties for late paid VAT.
VAT changes
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026.
MTD for income tax is nearly here. Get ready for MTD!
Making Tax Digital (MTD) is moving along at place, taking effect for income tax for many from April 2024. What else is on the horizon for business and what can you do to get ready for MTD?