What are the changes?
The main changes for us & our clients, announced in the Spring Budget, relate to the extension of MTD for Self Assessment taxpayers and the increase in late payment penalties for VAT & Self Assessment.
As a reminder...
MTD for Self Assessment taxpayers will extend to sole traders & landlords with qualifying incomes over £20,000 from April 2028.
Late payment penalties for VAT taxpayers and Income Tax Self Assessment taxpayers as they join MTD for Income Tax from April 2025 will increase. The new rates will be 3% of the tax outstanding where tax is overdue by 15 days, plus 3% where tax is overdue by 30 days, plus 10% per annum where tax is overdue by 31 days or more
If you are a client of Wings, Chartered Accountants and would like to discuss any of the above further or have any additional questions or concerns, please be in touch with your usual contact.
If you are not already a client, please contact us by telephone on 01822 669001 or email admin@wingsaccountants.co.uk