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Are you prepared for the upcoming VAT deadlines?

As the calendar pages turn, businesses face the ongoing challenge of managing their VAT obligations. The recent increase in HMRC’s focus on VAT compliance, marked by the addition of over 3,000 staff to its customer compliance units since 2021/22, signals a heightened scrutiny in this area. It’s a reminder that keeping ahead of VAT requirements is not just a regulatory formality, but an important aspect of financial management!

As we approach upcoming VAT deadlines, it’s essential for businesses to not only mark these dates but to actively engage with the requirements they bring. In this article we offer some clarity and actionable insights to help businesses manage their VAT duties effectively…

Key VAT deadline dates to remember…

These are the upcoming deadline dates you should be keeping an eye on:

  • 22 January 2024 – Deadline for electronic remittance of PAYE, NICs, and CIS to HMRC.
  • 31 January 2024 – This date encompasses several deadlines:
    • Payment of Self-Assessment balancing payment and Capital Gains Tax (CGT) for the tax year ending 5 April 2023.
    • The first payment on account for Self-Assessment for 2022/23.
    • The final online deadline for Self-Assessment tax returns.
    • Filing of accounts with Companies House for accounting periods ending 30 April 2023.
    • Corporation Tax returns for accounting periods ending 31 January 2023.

Strategising for effective VAT compliance.

In the complex VAT environment, businesses must adopt robust strategies! Automated systems play a role in reducing errors and ensuring compliance with diverse tax rates and regulations. Making sure to conduct regular internal reviews and audits is essential to keep VAT records accurate and up-to-date, thus minimising the risk of attracting HMRC scrutiny.

Stay informed on legislative changes.

With the introduction of e-invoicing rules in the EU from 2024, it’s imperative for businesses to keep up to date with any VAT legislation changes. These new requirements will necessitate issuing, delivering, and receiving electronic invoices, streamlining the detection of underpayments.

We’re here to provide you with expert guidance and support in managing your VAT obligations. Contact us today to ensure your business stays ahead in VAT compliance.

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