Making Tax Digital Filing Penalties
Hopefully by now, those of you who are required to do so, will all submitting your VAT returns via a digital platform.
Failure to submit your VAT returns by digital means, when you have been mandated to do so, will soon start resulting in filing penalties (£200 for those with a turnover under £5.6 million). You will have received a letter from HM Revenue and Customs to confirm that you are required to make submissions digitally.
There will also be a default surcharge, based on the percentage of the VAT payment required, for any late returns.
If you haven’t already, then we would strongly suggest that you move your record keeping onto a digital software to ensure that you are compliant with the new VAT rules. We can of course help you with this transition should you need us to.
The content of this article is for general information only and does not constitute tax advice. It should not be relied upon and action which could affect your business should not be taken without appropriate professional advice.
Ellie Hammett ACCA
Ellie started with Evolution ABS in April 2010, gained her AAT qualification in September 2012 and fully qualified as a Chartered Certified accountant in December 2015. Ellie now manages a portfolio of mainly agricultural clients.
Ellie grew up on her parents’ dairy farm in Dorset, before moving to Devon in 1998. She now lives with her husband on his family beef and sheep farm in East Devon.
Ellie is currently on maternity leave, but in her spare time, she enjoys helping out on the farm (although not so much the night time lambing) and used to be an active member of Whimple and Broadclyst Young Farmers Club, competing in speaking competitions, drama and showing stock.