Making Tax Digital for VAT began on 1st April 2019. Most VAT registered businesses are affected and must keep digital records and file their VAT returns using HMRC-recognised software. For those businesses which have a quarterly VAT period starting on April 1st, the first deadline for filing VAT returns under MTD will be 7th August … Continue reading Making Tax Digital: Deadline for Direct Debit Payments
The Making Tax Digital deadline has finally arrived. As of 1st April 2019 all VAT registered businesses, with an annual turnover of £85,000 or more, are required to keep their records digitally and submit their VAT returns using an MTD compatible software. Below is a handy table of when your first MTD compliant VAT return … Continue reading Making Tax Digital: What Are the Due Dates for the First VAT Return?
After you have signed up for Making Tax Digital (MTD) via the HMRC website, you will need to connect your Xero software as follows: Log in to Xero Click Accounting, then select VAT Return Read the information about MTD for VAT, then click Set up MTD for VAT in Xero Read the information about MTD … Continue reading Making Tax Digital: How to Connect Xero to HMRC
The deadline has arrived for VAT registered businesses with an annual turnover of £85,000 or more to be Making Tax Digital (MTD) compliant. The first step you must take is to register with HMRC for Making Tax Digital. To do this, visit http://www.gov.uk, search for ‘Making Tax Digital’ and then click the link titled ‘Sign … Continue reading Making Tax Digital: How to Register with HMRC
Making Tax Digital for VAT (MTD for VAT) is now live. Businesses with a taxable turnover above the £85,000 VAT registration threshold come within the new rules and must comply with the initiative or face enforcement action. Here, we answer some of your key MTD for VAT questions. Does my business have to do anything … Continue reading Making Tax Digital for VAT: Are You Compliant?
The deadline of 1st April 2019 is rapidly approaching. How should business owners be feeling about Making Tax Digital (MTD)? Is it something to fear? Something to lose sleep over? Or are there positives to be embraced as we move towards this new era of online business taxation. MTD is the biggest change to the … Continue reading Will Making Tax Digital Make Tax Difficult?
Making Tax Digital for VAT (MTD for VAT) is set to come into effect from 1 April 2019 for businesses whose turnover is greater than the current VAT registration threshold of £85,000. However, there are deferrals and exemptions to this as listed below. Firms that fall into the categories below are exempt from MTD for … Continue reading Making Tax Digital for VAT – Exemptions and Deferrals
According to recent statistics, 40% of UK small business are blissfully unaware of the Government’s Making Tax Digital (MTD) plans. With three months until the go-live date in April this year, that is a worrying figure. While 1.1 million business are set to fall under the scope of MTD for VAT, that equates to 440,000 … Continue reading Are You Aware of Making Tax Digital?
The government’s landmark Making Tax Digital (MTD) for business initiative is set to take effect from 1 April 2019, beginning with MTD for VAT. Here, we take a look at the latest position, and consider the recent delay to some of HMRC’s new digital services. MTD for business: an overview The MTD for business initiative … Continue reading Making Tax Digital: Where Are We Now?
The issue of VAT is currently at the fore of the government’s Making Tax Digital (MTD) initiative. Here we provide an overview of the latest position. What’s changed? MTD was previously set to be implemented between 2018 and 2020. However, in response to concerns raised by experts over the pace and scale of the changes, … Continue reading Making Tax Digital for VAT: An Update