The HMRC system did not correctly process all the payments on account information for 2018/19. As a consequence, some people may not receive the tax demands they expect by the end of July for their self assessment, even though a payment is due.
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IT’S HERE! MAKING TAX DIGITAL (MTD) FOR VAT
HMRC has started phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.
The new rules came into effect from 1 April and apply to the first VAT period starting on or after 1 April 2019.
For some VAT-registered businesses with more complex requirements the rules will not have effect until 1 October 2019. Included in the deferred start date category are VAT divisions, VAT groups and businesses using the annual accounting scheme.
The Spring Statement 2019
Amidst all the Brexit debates, the Chancellor Philip Hammond presented his second Spring Statement on Wednesday 13 March 2019.
In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system together with updates on earlier consultations.
