The Association of Taxation Technicians (ATT) is urging the government to rethink the outdated penalties for not complying with Making Tax Digital (MTD) for VAT The ATT suggests that HMRC modernise its approach to penalties to encourage compliance with tax rules rather than punish those who...
Read MoreSelf assessment taxpayers have just one week left to pay their tax bill or set up a payment plan to avoid incurring a penalty, HMRC has warned Taxpayers have until 1 April to pay all tax due from their 2020-21 tax return and not receive a...
Read MoreWith just one month to go until the rollout of the Making Tax Digital (MTD) for VAT extension, 82% of eligible businesses that are yet to comply are still unaware of the impending deadline Despite an overall increase in awareness of the MTD deadline since November...
Read MoreHMRC’s Making Tax Digital (MTD) programme is expected to generate £265m of additional revenue this year which is 45% lower than the original forecast of £470m A report by the National Audit Office (NAO) stated that the additional revenue from Making Tax Digital for 2020-21 was...
Read MoreIn a statement to MPs today, new financial secretary to the Treasury Lucy Frazer has confirmed that the introduction of Making Tax Digital (MTD) for income tax will be postponed by a year The quarterly digital reporting for landlords and the self employed was due to...
Read MoreThere are two late payment penalties that may apply; a first penalty and then an additional or second penalty, with an annualised penalty rate. All taxpayers, regardless of the tax regime, have a legal obligation to pay their tax by the due date for that...
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