‘Making Tax Digital’ (MTD) will be making headlines this year because it represents a new way for businesses to report their tax affairs online. A government-led initiative, it will ultimately put an end to the annual tax return for the great majority of British businesses.
MTD will mark a big change in the way that companies engage with HMRC, so its importance should not be underestimated. With that in mind, we’re publishing this as the first in a new series of articles designed to explain the latest developments, implications and advice. More Info
As we’ve mentioned before, returns filed for periods commencing on or after 1 April 2019, need to be filed using the Making Tax Digital (MTD) new filing regulations. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, which is £85,000. To comply with MTD firms will […]
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 […]
HMRC has done an about turn. They say you can use spreadsheets for MTD from 1 April 2019. They are allowing them to be used to work out your VAT return data, when the new requirement to file VAT returns using Making Tax Digital (MTD) format is introduced. Bowing to pressure from industry, the accountancy […]
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 […]
In this, the second in our MTD series, we look at specialist software software solutions to MTD compliance and how they can help companies to make a smooth transition to digital tax reporting. The following is a guest post by FreeAgent, which, in the 2017 Software Excellence Awards, was voted the UK’s number one accounting […]
‘Making Tax Digital’ (MTD) will be making more and more headlines this year because it represents a new way for businesses to report their tax affairs online. A government-led initiative, it will ultimately put an end to the annual tax return for the great majority of British businesses. MTD will mark a big change in […]
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 […]
The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be: From April 2018, unincorporated businesses (including […]
