CLEAR GUIDANCE
SPECIALISTS IN MTD COMPLIANCE
SUPPORT FOR VAT
UNDERSTANDING THE MAKING TAX DIGITAL PENALTIES
Navigating the world of Making Tax Digital (MTD) penalties can feel like trying to solve a puzzle without all the pieces. At G Foxwell & Co, based in Ebbw Vale, we understand the challenges businesses face when adapting to these new regulations. From missed submission deadlines to understanding how penalty points are accrued, the system can seem daunting. But fear not, we’re here to help you make sense of it all. Whether you’re a sole trader, landlord, or small business owner, our expertise ensures you stay compliant and avoid unnecessary penalties. Let us take the stress out of MTD so you can focus on what you do best – running your business.
HOW MTD PENALTIES ARE CALCULATED
The MTD penalty system is designed to encourage compliance without immediately imposing financial penalties. Points are accrued for missed submissions, with thresholds varying based on submission frequency – annual, quarterly, or monthly. Once the threshold is reached, a £200 penalty is applied, and further missed submissions incur additional penalties. However, points can be reset to zero after a compliance period, provided all outstanding submissions are completed. At G Foxwell & Co, we provide tailored advice to help you understand these rules and maintain compliance, ensuring your business avoids unnecessary costs.
TAILORED SUPPORT FOR MTD COMPLIANCE
At G Foxwell & Co, we know that every business is unique, and so are its tax obligations. That’s why we offer personalised support to help you navigate the complexities of Making Tax Digital, like business accounting and personal accounting. From understanding penalty thresholds to ensuring timely submissions, our team is here to guide you every step of the way. With decades of experience and a commitment to excellence, we’re proud to support businesses in Ebbw Vale and beyond. Let us help you stay compliant and confident in your tax affairs.
