Industry Sector
EROS BC warns of closing MTD Deadlines for VAT
Eros Business Consulting is warning Optical businesses in the UK of the final dates for adhering to MTD (Make Tax Digital) deadlines.
For many years, in fact pre-pandemic, we have been warning that tax returns for VAT will be totally digital as will be the way with PAYE and Business Tax returns in the future.
The purpose of the EROS Vatcalculator TM is that it automatically applies Optical Partial Exemption Rules once agreed by HMRC, checks that there is no breach in De Minimis and therefore retains where possible full recompense of Input Tax on purchases.
Its a handy tool to check how close the business is to exceeding the de minimis when considering equipment big ticket items.
Even today we are requested by Optical Businesses to assist either owners or their accountants on how Partial Exemption works.
So if you are struggling to comply with HMRC VAT dates below please either contact us at EROS B C or get your Accountant to call.
The dates are
Firstly all business should have started to file from 1st April 2022
The deadline for 1st November is when business will not longer be able to file through Government Gateway as the facility will be switched off.
The deadline for businesses that file annual VAT returns is 15th May 2023.
Many accountants are using accounting software in order to comply with MTD but no software can provide the Partial Exemption Calculation or check your De Minimis so ask the question : Are you paying the right Sales taxes?
Call us if you consider you might be affected for a brief discussion
