The amount of VAT collected in the last 12 months has risen to a record £133 billion, with a significant contribution from the retail and wholesale sectors.
According to the latest industry research, thousands of businesses are struggling to get to grips with Making Tax Digital (MTD).
Half of all small-medium sized enterprises (SMEs) make errors when filing their VAT returns, according to the latest research.
HM Revenue & Customs (HMRC) has published a Making Tax Digital (MTD) ‘Mythbusters’ helpsheet to clarify the current situation regarding businesses and MTD.
The VAT notice for Making Tax Digital (MTD) has been updated, relaxing the rules to help clients.
According to new research, thousands of UK businesses could find themselves under scrutiny from HM Revenue & Customs (HMRC) for failing to follow new rules on keeping digital records.
The tax gap – the difference between the amount of tax that should be paid and what is actually paid – has shrunk to just 5.6 per cent.