The new penalty regime for late payment of VAT is fairer to those who miss the VAT payment deadline by a few days.
For Vat due in relation to periods beginning on and after 1 January 2023 you will have up to 15 days to pay, or arrange a time to pay agreement, without incurring a penalty. For the first year of this new system, you will have 30 days to pay the VAT liability in full instead of 15 days.
From 2024 onwards the new…
VAT registered businesses must now use MTD-compatible software to file VAT returns, as the old online form where you typed in your VAT figures has been closed.
To encourage businesses to file on time under the MTD regime the late filing penalties are being separated from the late payment penalties for VAT periods beginning on and after 1 January 2023.
Late filing penalties will be based on points awarded for each late submission. A penalty is levied only when the appropriate points threshold is reached, which…
Electronic sales suppression (ESS) is the use of software or hardware tools to manipulate the sales recorded by an electronic point of sale (EPOS) device, such as a shop till.
Traders may think that HMRC won’t find out about the sales hidden using ESS tools as the transactions are put through the till as normal, but selected sales are not recorded or are deleted.
To ensure the trader’s bank receipts match the total amount of sales recorded by the till, the card payments for those missing…
There is a very limited range of expenses that employees can claim, but these can include the flat rate deduction (£6 per week) for working from home, if you are required to work from home, have not alternative place to work at, and your employer doesn’t pay you a home-working allowance. You may also be able to claim uniform or tool allowances, which are specific to your trade, and claim mileage ( at 45p per mile) when you use your own vehicle while on a business journey.