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 FCCA
Manager
Ellie started with Evolution ABS in April 2010 and became a fully qualified as a Chartered Certified accountant in December 2015. She focuses on a portfolio of a range of clients, from farming to plumbing, providing valuable support in all aspects of accountancy and taxation.
Having grown up on a dairy farm in Dorset, Ellie later moved to Devon in 1998. She now lives with her husband and two young sons on their family farm in East Devon, where they raise beef, sheep, and grow arable crops. When she gets the chance, Ellie enjoys being outdoors with her boys, who share their dad’s passion for farming. She also enjoys moments spent with family and friends and the occasional bit of retail therapy when time allows!
Ellie can be contacted in the office on Mondays – Thursdays.