For VAT periods starting on or after 1 January 2023, the default surcharge will be replaced by new penalties if you submit VAT returns late or pay VAT late.
There will also be changes to how VAT Interest is calculated.
Follow the link for more information.
If you receive tips on ‘more than an occasional’ basis, there is new legislation which is effective from October 2024, that you need to be aware of. By more than occasional, HMRC seem to deem a few tips a year as occasional and so if your business receives tips more than this, you need to […]
Hopefully you are already aware that HMRC have introduced legislation that requires certain individuals to keep and submit electronic records on a quarterly basis, for their business / rental income. MTD comes in to force from 6 April 2026 if your turnover / rental income or both added together exceed £50,000 and from 6 April […]
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