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HMRC launches new IT system

HMRC will start moving taxpayer accounts to a new IT system in July 2021 and is aiming to finish by September 2021. The existing VAT mainframe computer will be decommissioned in 2022.

The above change will impact businesses that are registered for VAT and have not signed up to Making Tax Digital. This new system will also affect businesses that pay their VAT return liabilities via direct debit.

On a side note, it’s worth thinking about setting up a direct debit with HMRC if you haven’t already. You get an extra three days before payment is made, if weekends are involved this could be an extra five days.

HMRC will no longer send postal notifications to inform taxpayers of the direct debit amount and the date it will be taken, HMRC will instead use business email addresses. If no email address is held, the direct debit will be cancelled. HMRC will write to these businesses using a special letter. Those affected will need to log in to their new business tax account to reset their direct debits as well as provide a contact email address.

Please feel free to give Jake a call on 01227 277667 or email him at j.mackenzie@mphaccountants.co.uk should you wish to find out more.

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