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IRC presents position on the introduction of an Online Sales Tax (OST)

19 May 2022

Our research found agreement that a minimum OST threshold could help to rebalance the burden of tax across the industry, generate revenue to reduce business rates for smaller businesses,... Read more…

UK government leads global transport transformation as it takes over ITF presidency in Germany

19 May 2022

In a ceremony held in Leipzig, Germany, the largest gathering of transport ministers in the world will see current president, Morocco, hand over the reins to UK Transport Secretary Grant... Read more…

National Living Wage Review published

19 May 2022

The Low Pay Commission has now published its review of the National Living Wage from 2015-2020.
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Local Bike Shop Day 2022 celebrated by record number of retailers, orgs and shoppers!

12 May 2022

Local Bike Shop Day 2022 was a great success across the UK, with online platforms thriving as well as a surge in the physical footfall seen in-stores!
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Latest #BikeIsBest campaign launched: We Can, You Can

12 May 2022

We Can, You Can is a celebration of the many faces of cycling. The way we move is changing. And the people leading the change are like me and you. We can, you can.
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How the Queen’s Speech affects independent shops

10 May 2022

The speech sets out the government’s agenda for the upcoming Parliament, outlining proposed policies and legislation. An overview of the main announcements relevant to independent shops is... Read more…

How are bike shops across the nation celebrating Local Bike Shop Day 2022?

26 Apr 2022

The annual celebration of bike shops across the nation is fast approaching! Be sure to pop down to your local bike shop this Saturday to get a taste of the passion, knowledge and personalised... Read more…

Spend with Cyclescheme on Local Bike Shop Day and win a £250 voucher!

21 Apr 2022

On Local Bike Shop Day 4 lucky customers that purchase a bike through Cyclescheme will be awarded a £250 cycling voucher for the store they collect the bike from! In addition to offering a... Read more…

1 day to go! Attending the Cycle Show? Learn technical tips with Cytech experts, save £50 off Theory one & win!

21 Apr 2022

Cytech are attending the Cycle Show and will be demonstrating key practices in bike maintenance that are useful for both the trade and public. Alongside the show we're offering... Read more…

Scottish businesses: Complete the Government Covid-19 response survey and attend workshops

21 Apr 2022

The Scottish Government retail division are looking for input with regards to the recent adaptations in response to the Covid-19 pandemic.
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Get Prepared for Making Tax Digital for VAT

Posted on in Business News, Cycles News, Creative News

There is now less than three months until all VAT-registered retailers are required to submit quarterly VAT updates and annual returns via the government's Making Tax Digital (MTD) system.

MTD is designed to help businesses eliminate common reporting errors and save time spent managing tax affairs. Most retailers will already be using MTD following trial phases and requirements based on business turnover from 2019.

MTD for Income-Tax Self Assessment will be introduced in April 2024 with MTD for Corporation Tax expected from 2026 at the earliest. HMRC guidance on MTD for VAT and finding compatible software is available here.

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