Category Archives: VAT Compliance

Why do you need to know the difference between VAT Error and Adjustment?

making a mistake in your VAT Return

  The word “adjustment” means alteration in the English Language whilst “error” means a mistake. The difference between the two is important because when it comes to your VAT Returns how you deal with a VAT error is different to how you can deal with a VAT Adjustment.   What qualifies as a VAT Adjustment? […]

Changes to VAT penalties – what you need to know

VAT penalties

The changes in the VAT penalty system which we have known about for a while comes into effect next month (January 2023). We are expecting more details this month from HM Revenue & Customs but here’s what we know so far relating to the changes to VAT penalties. The main reason for the introduction of […]

VAT Registered but not yet filing under MTD?

ir35

It’s not long to go before 1st April 2022.  What is the relevance of this date you ask? This is the date MTD comes into play if you are a VAT Registered business but not yet filing under MTD.   What is MTD? Making Tax Digital (MTD) is HM Revenue & Customs plan to digitise […]

The new penalty regime from HM Revenue & Customs

hmrc inquiry

The new penalty regime from HM Revenue & Customs (HMRC) The UK tax system is moving towards a more digital system with the introduction of Making Tax Digital (MTD) and as part of it HMRC are introducing new penalty measures.  If you are not familiar with MTD then please visit our previous blogs What is […]