An anonymous source has published a VERY interesting document that sheds light onto HMRC’s “culture”, from the inside. The leaked internal report, from 2016,
— Read on www.dotas-scandal.org/a-unique-insight-into-the-rotten-hmrc-culture/
A Lords committee has called for a delay of at least one year to the mandatory rollout of Making Tax Digital for VAT, asserting that HMRC has neglected its
— Read on www.accountingweb.co.uk/tax/hmrc-policy/lords-slam-making-tax-digital-rollout
Peers on the House of Lords Economic Affairs Select Committee have urged HMRC to delay the introduction of Making Tax Digital for VAT by at least one year.
Despite already making some concessions, HMRC has failed to support small businesses in their transition to Making Tax Digital for VAT and would delay the introduction of the new system by at least one year.
That’s the recommendation being made by Peers on the House of Lords Economics Affairs Select Committee, which in a damning report claims that HMRC has also not made any attempt to calculate the impact of introducing Making Tax Digital for VAT on the smallest businesses.
Advisers and clients are beginning to show an interest in the specific detail about what records they will need to keep in a digital format when MTD starts in April. This is especially important if they join HMRC’s pilot programme, adopting good habits from day one so to speak.
Purchase invoices need to be split into different VAT rates. No this is wrong.
If I buy a VAT book (zero-rated) for £100 and a print cartridge for £50 plus VAT on the same invoice (standard rated), I only need to digitally record the total net figure of £150 and the input tax of £10 that I am claiming. I don’t need to make separate entries for £100 and £50.