New VAT registration service from 1 August
A new VAT registration service goes live for accountants and tax advisors on 1 August 2022. What does this mean for registrations awaiting submission?
The benefit of the new service is that when advisors register their clients for VAT, they will be automatically signed up for MTD for VAT. Currently, there is a requirement to sign up for each service separately. So how does this affect any current applications? Any saved, incomplete registrations will be lost if they are not submitted by 5.00pm on 31 July 2022. 31 July is a Sunday so, in reality, advisors will need to review incomplete registrations before the close of business on Friday 29 July. It may be more efficient to scrap any in progress applications and register clients on or after 1 August, to take advantage of the automatic MTD registration. Further information is available here.
Related Topics
-
CT61
-
How to apportion advisory mileage rates for EVs
In September, HMRC introduced a new two-tier advisory mileage rate for employees charging electric vehicles. The rate differs depending on whether the vehicle is charged at home or not. But what’s the correct approach if an employee does both?
-
Can flipping properties create unwelcome tax bill?
You’re planning to purchase a cheap property, refurbish it and eventually sell it on for a hefty profit. You’ve been told that as long as you live in the property, the gain is tax free, is this correct?