The tax gap – the difference between the amount of tax that should be paid and what is actually paid – has shrunk to just 5.6 per cent.
As of today, UK based businesses that have a taxable turnover above the VAT threshold of £85,000 will be required to switch to the new digital tax service to report earnings and calculate VAT owed.
HM Revenue & Customs (HMRC) has warned that registration for Making Tax Digital (MTD) for VAT will take up to seven days to complete and will not be a real-time service.
Just 17 per cent of businesses who trade with the EU have registered for an Economic Operator and Registration Identification (EORI) number, new figures have revealed.
This year could be the most challenging year yet for the construction industry, as HM Revenue and Customs (HMRC) has announced that the VAT reverse charge will commence 1 October 2019. The Government announced in the 2017 autumn budget statement that they intended to implement a VAT reverse charge scheme. Further to this, in November…
The Government has written to more than 145,000 VAT-registered businesses across the UK, explaining the potential changes to customs, excise and VAT in the event that the UK leaves the EU without a deal.
The Joint and Several Liability (JSL) notices, were introduced in 2016 to protect British businesses from being undercut by overseas sellers committing VAT evasion.