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
Office Manager
Ellie started with Evolution ABS in April 2010 and became a fully qualified as a Chartered Certified accountant in December 2015. Ellie manages a portfolio of agricultural clients and enjoys assisting clients in all aspects of accountancy and taxation.
Ellie grew up on her parents’ dairy farm in Dorset before her family moved to Devon in 1998. She now lives with her husband and two boys on their family beef, sheep and arable farm in East Devon.
In her spare time (although with two young sons, this is rare!), Ellie enjoys spending time with her family and friends and enjoys the odd bit of retail therapy when time allows. She spends a lot of time outside with the boys, who currently share the same passion for farming as their Dad!
Ellie can be contacted in the office on Mondays – Thursdays.