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Current Accountancy News from A J Bennewith

13th January 2023

 

  • 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.

https://www.gov.uk/trusts-taxes/registering-a-trust

 

  • 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.

https://www.gov.uk/guidance/how-late-payment-penalties-work-if-you-pay-vat-late

 

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