- 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