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
-
Tax relief on equipment you haven’t paid for (yet)
The timing of tax relief for purchases of equipment isn’t straightforward when payments are delayed or goods are purchased through hire purchase (HP) agreements. How can you use these rules to your advantage and get tax relief before you’ve paid the final invoice?
-
HMRC clarifies summer holiday VAT cut
HMRC has published further guidance on the temporary VAT reduction for certain activities during the school summer holidays. The additional detail helps businesses determine which supplies qualify for the relief and, importantly, which do not. What do you need to know?
-
Electronic VAT return and payment due