MTD includes penalties for non-compliance. You may be penalised for failing to pay your VAT bill or if HMRC considers that you have not been making enough effort to comply with Making Tax Digital for VAT.
While the Chancellor’s spring statement talked about leniency in issuing penalties, reading between the lines there are two things we can assume might still constitute a penalty offence – If your business is not doing its best to comply with MTD VAT filing and record keeping and if your business pays its VAT bill late – if you miss a payment deadline you will enter a 12-month period during which you may well have to pay a surcharge on top of your existing VAT bill and if you continue to miss monthly deadlines the surcharge amount increases.
IMS have the skills and experience to ensure you meet the HMRC requirements for MTD. Contact us today – call Archie Gardner on 0845 1308499 or 07885104218 we can help you.