Page 12 - வரி டிஜிட்டல் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

At the end of this month, it’s the big one – the delayed phase II of HMRC’s Making Tax Digital for VAT (‘MTD’).  Over one million VAT registered businesses face tough new obligations on digital recordkeeping and the ‘digital journey’ on their VAT data. HMRC is looking to expunge over half a billion pounds in VAT errors with this phase of digitising VAT reporting. What that means for businesses of all sizes is the outlawing of manual data adjustments, manipulation in spreadsheets or most manual calculations of VAT data. To back this up, HMRC are imposing full VAT penalties, which had been suspended in late filings for two years. This is very important: HRMC has acknowledged its current missed VAT return penalty regime inflicts disproportionate fines on small businesses. It wants to reform this in 2022. But for now, it’s absolutely fundamental for cash flows that you digest and follow the new rules.

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