- Many sole proprietors and partnerships are changing their accounting year-ends to align with the tax year-end to 31 March.
- Some businesses are also considering changing their VAT accounting periods to align with their new accounting year-ends.
- Timing is important when applying for a change in VAT accounting period, as it will not affect periods for which a VAT return has already been issued.
- Businesses may still need to submit VAT returns under the current stagger before the change comes into effect.
- It is recommended to apply for a change in VAT stagger early in January 2024 through the online process to avoid delays.
- Businesses on Payments on Account should consider how a change in VAT stagger would impact their payment schedule.
- Businesses expecting large VAT repayments or payments to HMRC should carefully consider the timing of any stagger change to avoid cash flow issues.
Source: saffery.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "United Kingdom"
- HMRC Study: Effects of Penalty Reform on VAT Businesses’ Compliance and Perceptions
- HMRC Updates VAT Notice 701/36: Changes to Insurance, Guarantees, and Warranties Guidance
- HMRC VAT Letters: Why Turnover Over £90,000 Doesn’t Always Mean You Must Register
- Determining VAT on Cross-Border Services: Why Place of Supply Rules Matter Most
- Key VAT Risks for Local Authorities in Managing Pride in Place Funding Projects
