While the nation’s attention is currently fixed on the work of our carers and hospital workers, little thought is paid to those that are self-employed and still need to submit their tax returns.
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.
Transparency is vital for a robust and healthy economy.
However, there is substantial evidence of companies registered with Companies House being used to facilitate money laundering through a combination of simple incorporation and inadequate due diligence.
In the past couple of weeks, the Information Commissioner’s Office (ICO) has announced two high profile colossal fines for British Airways and Marriott Group under the tough new General Data Protection Regulation (GDPR). A warning sign we would urge AIA members to take on board.
GDPR was introduced into the UK on May 25, 2018 in order to modernise and harmonise data privacy laws across Europe, which protect the personal information of individuals. It was widely regarded as the biggest shake-up to data privacy for 20 years with all individuals, organisations and companies that are either controllers or processors of personal data are covered by the GDPR.
AIA operates a range of sanctions imposed on members relating to the seriousness of misconduct, the level and history of non-compliance and the risk posed to the interests of the public and the integrity of AIA’s reputation. The AIA Sanctions Handbook is used by AIA disciplinary committees for all complaints and non-compliance referrals they consider; AIA operates an effective and proportionate enforcement policy, applied in a fair and consistent manner.
What do you need to do before the fast approaching 7 August VAT filing deadline?
Making Tax Digital (MTD) for VAT came into force on 1 April 2019 for most businesses in the UK with a taxable turnover above the VAT threshold of £85,000. It was the first step in the HMRC’s ambitious plans to become one of the most digitally advanced tax administrations in the world.