The Science Behind Compliance

We’ve all learned the necessity of compliance. Face masks, elbow handshakes, two-metre distancing, remote working, showing up for your jab – it may all be tough and go against impulse, but we understand that we need to comply with the rules. There is a cost to our society, our economy and our mental health, but putting it bluntly this is a matter of survival. If anyone is familiar with Maslow’s Hierarchy of Needs, our basic requirements are physiological well-being, plus safety and security. Though we may not agree with every single rule, we have to act en-masse to preserve our way of life.

Do I need to complete an EC Sales List after Brexit

For the export of goods or the supply of services made to EU businesses on or after 1 January 2021, you will not need to submit an EC Sales List (ESL). You will have until 21 January 2021 to submit ESLs for sales made before 1 January 2021.

HMRC to Remove VAT100 XML Filing Service

Recently, HM Revenue and Customs shared news of changes to its IT infrastructure, involving the migration of VAT Customer Accounts to a new system. Following this migration, HMRC will decommission the current XML submission service from 8 April 2021.

The much-awaited Making Tax Digital Roadmap is unveiled

Should accountants start discussing the changes with their clients and implementing solutions? How long have they got to prepare? Is it worth spending time on it? 

As part of a new 10-year plan to modernise the UK tax administration, we finally have some answers. The accounting industry can finally start planning with some certainty and to a sensible timeline.

Charity Commission advice, MTD for VAT soft landing period extended and IR35 Delayed

The Charity Commission has advised that charities due to submit an Annual Return imminently, but are unable to do so, can email them to request a filing extension. Coronavirus guidance for the charity sector provides information in response to the most commonly asked questions about operating during this period.

TaxCalc News February

HMRC Update on off-payroll (IR35) rules

Whilst a review of the IR35 implementation plans continues in the House of Lords until the end of this month, HMRC have announced changes to the draft legislation.

 HMRC has confirmed that the new rules for contractors, working for medium and large-sized companies, will affect services provided after 6 April 2020 and will not be applied retrospectively regardless of payments made after this date. Where the services are performed by the contractor before 6 April 2020 it will continue to be the responsibility of the contractor and their personal service company (PSC) to decide if the work falls within IR35 and pay the right amount of tax to HMRC.

October news: New products, advice, MTD and more

What with all that’s going on in the world, it’s easy to get overloaded with information. So we’ve brought you the most relevant news and updates relating to your life in practice. Here’s our October roundup of some of the latest changes in legislation, plus pertinent product news and advice.

MTD for VAT is here, how are you faring?

Following the introduction of MTD for VAT and the first quarterly submission deadline having just passed on the 7^th August, we’ve taken a look through 4 of the common errors encountered with the HMRC MTD portal.

Like most processes any big changes can lead to a question of ‘We can’t know what we don’t know’, if you encounter an error for the first time.