This is an important note for businesses which recently migrated to Making Tax Digital.
It appears that there have been some errors in the way HMRC is collecting VAT payments since the move to MTD.
When your company moved over to MTD, HMRC will have contacted your bank to cancel your old direct debit instruction and set up a new one.
Unfortunately for a few clients, the new direct debit doesn’t appear to have been set up and so your money may not have been taken from your bank even though on your HMRC account it shows that payment has been made.
These are teething problems and it will not affect everyone.
Our advice is check your bank statement – if the money has come out of your account then no action is needed.
If there is no payment showing by the 15th of the month (after payment being due on the 12th) then please go on to the HMRC website (https://www.gov.uk/pay-vat) and make the payment via the recommended methods.
Please don’t go buying a new car just because you had more money than you had expected!
We strongly advise you to seek appropriate advice before taking action on any of the points listed above.
All information contained in this document are correct at the time of writing. Legislation and regulations may change at any time.
If you are in any doubt, please call us for clarification.
About us: Leggate Associates Limited was formed by Andrew Leggate LL.B FCMA FCA CGMA who has over 35 years of tax and accountancy experience in industry and practice, and the practice is managed by Joanne Leggate FMAAT ATT. Our clients range from building subcontractors to multi-million pound concerns and high net worth individuals all over the UK. Please see our website www.leggateassociates.co.uk or follow @LeggateAssoc on Twitter for occasional updates.
© 2019 Leggate Associates Ltd