Continuing our Making Tax Digital series, this guest post from QuickBooks considers MTD in the context of the broader trend towards digital and cloud-based accountancy solutions. Nearly three and a half million enterprises use QuickBooks as the basis for their accounting, and as a global brand it offers a valuable insight into the latest business […]

As many readers of our newsletter will be aware, HMRC is moving forwards with their digitisation of taxpayer VAT and Income Tax reporting requirements. Here are some of the latest announcements made by HMRC on the Making Tax Digital timeline. Making Tax Digital Timeline Mandatory filing of VAT returns using MTD compliant software will commence […]

In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations, with points based tax penalties. Rather than base penalties on each transgression, taxpayers will […]

As our regular readers will be aware, the government has back-tracked on their original proposal to digitise taxpayers’ affairs. The original plan, to have most self-employed traders and landlords uploading accounts and VAT data from April 2018, was scrapped. The new plan, delayed until April 2019, requires traders registered for VAT, and with turnover above […]

There is evidence that HMRC’s Making Tax Digital (MTD) implementation team are working with advisors and their clients to beta test the computer systems that will drive the quarterly upload process when it is timed to begin April 2018. For those readers who may have missed our previous updates on this topic, MTD aims to […]

We have now seen the response of HMRC to representations made by accountants and other interested parties to their Making Tax Digital (MTD) agenda. A reminder that MTD will result in the gradual digitisation of small business (including landlords) reporting to HMRC. The present proposals will oblige smaller businesses to upload quarterly data to HMRC […]