Late last month it was announced that MTD for income tax self-assessment (MTD ITSA) would be postponed (again) to April 2024. The most concerning part is that more people are likely to be aware for the delay than know about MTD itself. Hence why we have decided to highlight this in today’s blog. ....
In July of last year, an emergency budget was announced which saw Rishi Sunak introduce a temporary 5% rate of VAT which applied to most supplies made by the hospitality sector. This included cafes, restaurants, pubs, hotels, tourist attractions and more. This 5% rate has been applicable ever since but will increase to 12.5%....