The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note looks at who the Making Tax Digital (MTD) for VAT rules apply to and who is exempt from MTD requirements.
For an overview of MTD for VAT more broadly, see the Making Tax Digital ― overview guidance note.
For in-depth commentary on the legislation, see De Voil Indirect Tax Service V5.101B.
At a high level, the MTD for VAT obligations apply to all VAT registered businesses. However, this is subject to:
phased introduction of the MTD obligations for certain categories of business / person
exemption for voluntarily registered businesses on the grounds of taxable turnover (until April 2022)
exemption on the grounds of limited other reasons
SI 1995/2518, regs 32A, 32B
It is also possible for businesses who are not ‘mandated’ to follow the MTD requirements voluntarily.
MTD obligations came into force for most VAT registered business trading over th
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
Employee benefit trusts (EBTs) are commonly used to support employees’ share schemes and to provide other benefits to employees in the form of pensions and bonuses.Their use has been significantly affected by the introduction of the disguised remuneration rules. Although the statutory exclusions
Why is this important?Tax-free amountEach individual, whether or not they are resident in the UK, is entitled to an annual exempt amount when calculating the taxable amount of their chargeable gains for the tax year (although see the exceptions below). The annual exempt amount is also known as the
Preparatory workBefore completing the Inheritance Tax account for submission to HMRC, the practitioner needs to undertake a comprehensive review of the extent of the estate and its proposed distribution. The work required leading up to the submission of the account is described in detail in the
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.