- Do you have a trust? Do you know anyone that has a Trust?
All Trusts should be registered on the Trust Registration Service, although there are a few exemptions.
- MTD (Making Tax Digital) for Income Tax has been delayed to 2026.
Make sure you are ready for MTD. It is a new way of reporting property and self-employment income to HMRC. You must use software to keep digital records and send Income Tax updates. https://www.gov.uk/guidance/sign-up-your-business-for-making-tax-digital-for-income-tax
- New Penalty Regime for late VAT returns
As of 1 January 2023. The system uses a points-based approach, as opposed to the previous Default Surcharge system.
These new rules will not apply of it is:
- The 1st VAT return for a new registration
- The Final VAT return when you cancel your registration
- One-off returns covering a timescale different to a month, quarter or year (say a return of 4 months which might happen when there’s a change in your VAT Return cycle)
But it would cover a Nil VAT Return or a Repayment Return.
Late payments of VAT are caught under the same rules.
If you need assistance with any of these issues, or any other accountancy requirements, please do get in touch with us.
Chrissie@bennewith.co.uk 01483 539777