Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for VAT-registered traders whose turnover for VAT purposes was above the VAT registration threshold of £85,000. […]
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To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 2021. However, in September last year, the Chancellor announced that
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Self-employed businesses have to negotiate VAT while running their business on a daily basis. As a business owner, you are involved in everything including VAT obligations. This is crucial and you have to know what is VAT and how it works. What is VAT? VAT is a Value Added Tax that the government charges on
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