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If your business is VAT registered you will now be in the Making Tax Digital regime for reporting your VAT returns.
But the system is still relatively new, and it’s only recently that all VAT-registered businesses have been drawn in.
This means, as a business owner, you may still be getting to grips with the new system.
You need to be aware that, for non-compliance, there is a penalty regime in place.
There is a £400 per return penalty for any business filing a return but not using compatible software. There are also penalties for any business not keeping records digitally. HMRC may charge a penalty of between £5 to £15 for every day on which the business does not meet that requirement.
Making Tax Digital for VAT can be complicated, so if you would like any help or advice, get in touch with Swindon accountants at Optimum or Cheltenham accountants at Optimum.
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