Now that Making Tax Digital (MTD) for VAT is in effect, it’s easier to reflect on HMRC’s digitalisation initiative with clarity.
Where before certain parts of the legislation initially appeared unclear, today we’re able to identify the exact responsibilities of both clients and accountants. Whether that’s knowing how to move your accounts online or selecting bridging software to ensure compliance, all parties now have the resources to stay on the right side of the taxman come tax return deadlines.
Two new Statements of Recommended Practice (SORP) have been published by the joint SORP making body, the Charity Commission and the Office of the Scottish Charity Regulator (OSCR).
Healthy growth in services brings new momentum to economic restructuring, reports the China Daily. The latest economic data published by the National Bureau of Statistics on July 16 suggest China is moving to a more service-based economy that is less reliant on exporting cheap manufactured goods.
HMRC’s Business Record Checks programme is running at its highest level since it began in 2011, with the number of checks increasing by 60% from 3,431 (2011/12) to 5,515 (2013/14), according to PfP, the experts in tax investigation insurance.
The Guidelines on Revenue’s Service to Practitioners and Business Taxpayers have been updated.
The Irish Revenue have published guidelines on 'How to Protect Your Business from Becoming Involved in VAT Fraud' within Chapter 16 of the VAT Manual on the Revenue website. These guidelines are intended to help businesses avoid becoming involved in such illegal transactions.