Category: BWM Online

Comments Off on The rise of electric vehicles could create £30bn tax hole

The rise of electric vehicles could create £30bn tax hole

The rise of electric vehicles could create £30bn tax hole

The Government is being urged to introduce a new road-pricing system, because the increasing popularity of electric vehicles risks leaving a £30 billion hole in public finances each year.  Research submitted by the Tony Blair Institute for Global Change called for a new system, with options including charges based on emissions, vehicle weight and traffic … Continued

Comments Off on Govt. extends furlough scheme ahead of lockdown in England

Govt. extends furlough scheme ahead of lockdown in England

Govt. extends furlough scheme ahead of lockdown in England

The Government has extended the furlough scheme for employers until the end of March 2021, as a second lockdown in England is announced to slow the resurgence of COVID-19. Furloughed employees will now receive 80% of their current salary – up to £2,500 – for hours not worked, initially until the end of March 2021, Sunak told … Continued

Comments Off on Fraudulent furlough claims or those paid in error cost £3.5bn

Fraudulent furlough claims or those paid in error cost £3.5bn

Fraudulent furlough claims or those paid in error cost £3.5bn

Up to £3.5 billion in payments made to employers under the furlough scheme might have been fraudulently claimed or paid in error, HMRC has said. The scheme was launched at the height of the coronavirus pandemic in April 2020 and paid 80% of furloughed workers’ wages, up to £2,500 a month. More than £35.4bn has … Continued

Comments Off on First VAT-registered Businesses enter into Making Tax Digital

First VAT-registered Businesses enter into Making Tax Digital

First VAT-registered Businesses enter into Making Tax Digital

More than a million VAT-registered businesses have now been mandated into the Government’s Making Tax Digital (MTD) programme, which came into force on 1 April 2019. Under the scheme, businesses that are registered for VAT with a turnover of more than £85,000 are required to keep digital records and submit their VAT returns using MTD-compatible … Continued

Comments Off on Registering for Making Tax Digital for VAT

Registering for Making Tax Digital for VAT

Registering for Making Tax Digital for VAT

MTD zero-hour is here. The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. Software soft landing One concession made by HMRC is around the links between individual … Continued

Comments Off on Making Tax Digital for VAT: One Month To Go

Making Tax Digital for VAT: One Month To Go

Making Tax Digital for VAT: One Month To Go

The first batch of VAT-registered businesses have less than a month to go until they enter into the Government’s Making Tax Digital (MTD) regime. All VAT-registered businesses turning over more than £85,000 will be mandated into MTD by 1 October 2019, with the majority of firms adopting the scheme by 1 June 2019. Firms with … Continued

Comments Off on Making Tax Digital for VAT: Partnerships and Flat Rate Scheme Can Join Pilot

Making Tax Digital for VAT: Partnerships and Flat Rate Scheme Can Join Pilot

Making Tax Digital for VAT: Partnerships and Flat Rate Scheme Can Join Pilot

Partnerships and those on the flat rate scheme for small businesses can now sign up to join the Making Tax Digital for VAT pilot. The move means that sole traders, partnerships or those that currently submit the VAT Return for a limited company are now in scope for the pilot, provided they use a standard … Continued

Comments Off on Making Tax Digital for VAT: Businesses With Complex Requirements

Making Tax Digital for VAT: Businesses With Complex Requirements

Making Tax Digital for VAT: Businesses With Complex Requirements

HMRC has also begun to write to businesses affected by the deferment announced for ‘complex businesses’ back in October 2018. The correspondence confirmed that around 3.5% of VAT-registered entities will brought into the MTD for VAT regime for periods beginning on and after 1 October 2019 (instead of for VAT periods beginning from 1 April … Continued

Comments Off on Making Tax Digital (MTD) Update from HMRC

Making Tax Digital (MTD) Update from HMRC

Making Tax Digital (MTD) Update from HMRC

HMRC have made this announcement this morning confirming that MTD for VAT is still coming into force from next April for most VAT registered businesses. The introduction of the Making Tax Digital (MTD) service for VAT from April 2019 will be a major step towards HMRC’s ambition to become one of the world’s most digitally … Continued

Comments Off on Critics Urge Delay in Rollout of MTD

Critics Urge Delay in Rollout of MTD

Critics Urge Delay in Rollout of MTD

Leading tax bodies have joined the House of Lords in calls to delay the introduction of Making Tax Digital (MTD) for all taxes, less than three months before it’s due to come into force for VAT. MTD is finally due to commence on 1 April 2019 for VAT-registered businesses with an annual taxable turnover of … Continued