NEWS
May 15, 2018
Be prepared – So says the Boy Scouts motto – but according to a recent report commissioned by HMRC most small businesses are completely unprepared for changes to the VAT system that are to be introduced from April 2019. According to the report 70% are not even aware of the proposals. The original plan was to introduce the requirements in April 2018 but this was put back by one year.
As a reminder, for all businesses above the VAT turnover threshold of £85,000 per annum (at the last count an estimated 1.6 million companies, 2.4 million self-employed people and 900,000 residential landlords) from 1 April 2019, digital VAT records will be required to be maintained and quarterly VAT returns to be submitted online.
Blog written by: Nigel Kalb
PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in this document.
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PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these documents.
