HMRC has issued new guidance for businesses on submitting VAT returns if they are exempt from using compatible software for Making Tax Digital (MTD) for VAT.
Reminder from UK: HMRC issues guidance on VAT returns for those exempt from MTD for VAT
Public
Other countries
Author: Ivana Picajkić
Category:
Fiscal subject related
Views:
30
Content accuracy validation date:
02.12.2024
Content accuracy validation time:
08:10h
HMRC has released new guidance detailing how businesses should submit their VAT returns if they are exempt from using compatible software for Making Tax Digital (MTD) for VAT.
The submission method will vary based on the reason for the exemption:
- For businesses that have applied for an exemption: They must complete either a paper or an online return using the VAT online account, as specified in HMRC’s exemption confirmation letter.
- For businesses under insolvency procedures: Paper returns are required unless the business has a Company Voluntary Arrangement or Individual Voluntary Arrangement, in which case they can choose between a paper return or the online account.
- For final VAT returns after deregistration: These must be submitted via the online account, as MTD software cannot be used to send returns post-deregistration.
Here is the link with the Guidance:
https://www.gov.uk/guidance/how-to-send-vat-returns-when-exempt-from-making-tax-digital-for-vat
Other news from Other countries
Finance Minister in Indonesia Confirms VAT Increase to 12% Effective January 1, 2025
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
The Finance Minister has confirmed that the value-added tax (VAT) in Indonesia will increase from 11% to 12%, effective January 1, 2025. This is part of the Tax Harmonisation Law of 2021, which outlines a two-stage VAT rise. Despite facing public criticism regarding potential price impacts, the Minister defended the necessity of this increase The Finance Minister has officially confirmed that the... Read more
Philippines Implements 12% VAT on Non-Resident Digital Service Providers Starting June 2025
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
In October 2024, the President signed Senate Bill 2528, which introduces a 12% value-added tax (VAT) on non-resident digital service providers (DSPs) in the Philippines, effective by June 2025. The Bureau of Internal Revenue (BIR) stated that non-resident DSPs will not need local tax representatives for VAT compliance but can appoint a local third-party service provider for administrative tasks. T... Read more
Reminder: South Africa released draft bill with proposed changes across various tax laws
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
The South African National Treasury released the draft Taxation Laws Amendment Bill (B16-2024) on October 30, 2024, proposing significant changes to various tax laws. Following the release, a public comment period will allow stakeholders to provide feedback on the proposed amendments. The National Treasury will consider these comments and may revise the draft before it is formally introduced in Pa... Read more
Reminder: Adoption of Peppol International (PINT) in New Zealand
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
New Zealand is rolling out the PINT A-NZ specification for e-invoicing, which replaced the ANZ Peppol BIS 3.0 specification from September 15, 2024. This new format will be mandatory for business-to-government (B2G) transactions starting May 15, 2025; until then, the standard Peppol BIS 3.0 invoice format remains optional. New Zealand has begun the phased rollout of the PINT A-NZ specification for... Read more
E-invoicing 30-day reporting in India threshold cut April 2025
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
India's GST Council is lowering the reporting threshold for e-invoicing to the Invoice Registration Portal (IRP), effective April 1, 2025. From this date, businesses with an annual turnover exceeding ₹10 lakh (approximately 11,859.96 USD) must submit invoices to the GST portal within 30 days of issuance. Failure to comply will result in the loss of the right to claim input tax credits on those inv... Read more
Correction of the tax base and other changes in Czech Republic in the area of VAT from 2025
Public
Author: Ivana Picajkić
Starting in 2025, several significant changes to Value Added Tax (VAT) regulations will be implemented, including extended deadlines for tax base corrections, new VAT registration limits, simplified procedures for bad debts, and adjustments related to real estate transactions. The changes are as following: Corrections to the Tax Base: The period for correcting the tax base will extend from 3 ye... Read more
Air travel receipts in China going digital as of December
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
Starting December 1, 2024, China will implement digital travel receipts for air passengers through the new “Electronic Flight Receipt” (EFR) system, as announced by the Civil Aviation Administration. This system will replace traditional paper itineraries, allowing travellers to access electronic receipts for up to 180 days after their flights via airline websites or mobile apps. Businesses will be... Read more