What, however, do the MTD rules mean in practice?
HMRC research suggests many people are unsure which developments apply to them. We look here at what’s known so far, and what might affect you.
MTD: what are the rules on records and software?
MTD involves keeping and preserving specific accounting records in a prescribed digital format, and transmitting information to HMRC digitally. It does not mean having to scan and store receipts and invoices digitally, as originally envisaged.
HMRC has provided individuals and organisations with the Government Gateway which is a central place to register to use online Government services.
The construction sector has its own compliance regime: the
Construction Industry Scheme (CIS) and the VAT domestic reverse
charge (DRC).
Why? First, because of a backdrop of increasing HMRC scrutiny.
HMRC’s dedicated compliance team has more than doubled in size
in recent years.
Your views are always important to us and we welcome your feedback.
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered.
Your views are always important to us and we welcome your feedback.
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered.
In the current economic climate, cash is critical. Yet statistics suggest many businesses don’t reclaim all the VAT they’re entitled to.
It’s likely to be your most important capital asset. But do the tax
rules impact what you can do with your home?
Our Spring Budget 2023 is now available for download
Your views are always important to us and we welcome your feedback.
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered.