HMRC has waived the late fines for 120,000 self-employed workers who failed to register to file their tax returns on time using its new system. Since April, a majority of small businesses with a ye…
HMRC has waived the late fines for 120,000 self-employed workers who failed to register to file their tax returns on time using its new system.
The rules - known as "Making Tax Digital" - mean you must keep digital records and get compatible software to file the tax returns. You must register for VAT if your VAT taxable turnover - the total of everything you've sold that is not VAT exempt - goes over £85,000, or you know that it will.In total, 1.2 million businesses will be forced to comply with them once they've rolled out in full.
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