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The Economic Crime and Corporate Transparency Act, enacted on 26 October 2023, has significant implications for businesses and regulatory practices. It introduces changes to help prevent economic crime and make corporate entities more transparent. The Act builds on the Economic Crime (Transparency and Enforcement) Act 2022, introduced considering Russia’s invasion of Ukraine. Together, these Acts […]
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VAT Penalties Reminder Penalties for submitting VAT returns or paying VAT late, came into effect on 1 January 2023. The HM Revenue & Customs (HMRC) VAT penalties replace the default surcharge. Who do the VAT Penalties affect? The changes affect everyone submitting VAT returns for accounting periods commencing on or after 1 January 2023. Any nil […]
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What is Making Tax Digital? Making Tax Digital (MTD) changes the way businesses report financial information to the UK tax authority, HM Revenue & Customs (HMRC). MTD is the government’s key strategy to transform tax administration so that it is more effective, more efficient and easier for taxpayers. HMRC started to digitalise the UK tax […]
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