vat returns Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/vat-returns/ Chartered Accountants & Business Advisors Thu, 20 Mar 2025 17:25:26 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://www.wrloaccountants.co.uk/wp-content/uploads/2018/01/cropped-WRLO-logo-big-32x32.jpg vat returns Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/vat-returns/ 32 32 Financial benefit of MTD could be as high as £915 million https://www.wrloaccountants.co.uk/financial-benefit-of-mtd-could-be-as-high-as-915-million/ Sat, 08 Mar 2025 16:44:52 +0000 https://www.wrloaccountants.co.uk/?p=4305 The financial benefits of MTD for VAT could be as high as £915 million, according to analysis carried out by HMRC. Since April 2022 all VAT-registered businesses should be using MTD compatible software to keep digital records and submit returns. HMRC used responses from a survey with businesses in MTD for VAT using fully functional software to estimate the average time savings businesses have made. The results showed that, on average, businesses have saved time on their ‘business’ finances and record keeping’ compared to time spent before MTD. Across all VAT businesses using fully compatible software, the time saved is estimated to be between 26 hours and 40 hours per business per year. HMRC said that if this was extrapolated to the population, it estimated a time saving of between 32 million hours and 49 million hours in the 2022/23 tax year across all businesses in MTD for VAT. The financial value of this time is estimated to be between £603 million and £915 million. HMRC said: ‘The results of our analysis provide strong evidence that Making Tax Digital is having a positive impact for businesses. The findings complement other published estimates of the administrative burden of Making Tax Digital […]

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]]> May 2023 https://www.wrloaccountants.co.uk/may-2023/ Tue, 09 May 2023 11:30:57 +0000 https://www.wrloaccountants.co.uk/?p=3785 In this month’s Enews we look at the closure of the VAT filing portal and the latest rate of UK inflation. We also update you on the impact of frozen tax thresholds and pandemic support scheme fraud. With guidance for employers and warnings on scams, there is a lot to update you on. Online VAT filing portal to close in May UK inflation falls to 10.1% in March Tax threshold freeze trebles to £25 billion PAC criticises government for billions lost to error and fraud No sign of hiring difficulties easing, says BCC £177.6 million lost to impersonation scams in 2022 Workers must be protected from decisions made by AI, TUC says Latest guidance for employers Online VAT filing portal to close in May HMRC has reminded businesses that file VAT returns annually that the online VAT filing portal will close from 15 May 2023. The VAT portal closed to standard quarterly filers on 7 November 2022, but was kept open for a longer period for those who file annual returns. In emails to businesses and tax agents, HMRC urged all VAT registered businesses to use Making Tax Digital for VAT (MTD for VAT) compatible software to keep VAT records digitally and file […]

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