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
The Treasury have delivered what is potentially good news for many (yes, you have read that correctly). Making Tax Digital, or MTD to give it its affectionate moniker, has been both delayed and reduced in terms of requirement. For businesses that are VAT registered, VAT returns will still have to be submitted via MTD compatible … Continue reading Making Tax Digital Delayed until 2020
Following a consultation period, HM Revenue and Customs have now released more information regarding the changes to self assessment under their new “Making Tax Digital” project. Some of the more significant details are: Receipts and expenditure recorded on spreadsheets can be linked to HMRC software. Free software will be available to smaller businesses. The cash … Continue reading HMRC Update On Making Tax Digital
By 2020 most businesses, self-employed individuals and landlords will be required to use software or apps to keep their business records and to report their income and expenditure on a quarterly basis to HM Revenue & Customs. This new regime will commence on 6 April 2018 for most small businesses. Self-Assessment tax returns will no longer … Continue reading Self Employed Landlords: What you need to know about Digital Accounting
In 2015 the Government announced its commitment to bringing our tax system into the 21st century by introducing digital technology and dispensing with the annual tax return. The new system would involve digital quarterly reporting with a view to making tax simpler and easier to manage for the taxpayer. The Financial Secretary to the Treasury, … Continue reading Digital Tax Reporting – The Story So Far