October 2021 VATwatch

Bevan VAT Newsletter

MTD for all VAT Returns from April 2022

 

Whilst you may have been celebrating Making Tax Digital for Income Tax being put back a year, this does not apply to VAT Returns.

 

VAT Registered businesses with annual turnover above the VAT Registration threshold are already required to keep their records in digital format.

 

With effect from 1 April 2022, this also applies to VAT Registered businesses with turnover under £85,000.

 

 

 

Update on Distance Selling Between NI and the EU

 

HMRC have updated the guidance on movement of goods between NI and the EU to reflect the new rules for distance sales to individuals with effect from 1 July 2021.

 

Please note, these rules do not apply to the rest of the UK.

 

 

 

E-Commerce Package

 

The HMRC guidance in relation to e-commerce sales has been updated again. It is still rather vague on details of how the IOSS will apply to UK sellers and says “UK IOSS registration portal is not currently available. Further guidance will be provided when the system is available.”

 

 

 

 

Thank you for taking the time to read this VATwatch round-up.

 

 

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