In order to try and build public trust the HMRC charter has been upgraded and updated to clarify the standards of behaviour expected from both them and tax payers. The have also provided clearer guidance on Making Tax Digital, meaning it is more accessible and as clear and authoritative as possible. Support services will be[…]
MTD zero-hour is here The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. You probably got a bit fed up of being reminded about the deadline for[…]
MTD to be delayed? The House of Lords economic affairs committee has issued a scathing report on HMRC’s upcoming Making Tax Digital (MTD) for VAT scheme. MTD is due to come into effect 1st April 2019, but the Lords have taken issue with the ‘unrealistic time frame and lack of communication with businesses’, as well[…]
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Ensuring the smoothest transition for your business.
Now the Government is over the General Election The Treasury have announced a delay to Making Tax Digital. It was expected that businesses whose turnover exceeded the VAT threshold would be required to make digital quarterly returns for income tax purposes form April 2018, this has now been put back to April 2019. Smaller businesses[…]
The income tax system as we have known it for the last 20 years is about to change dramatically. From April 2018 businesses whose turnover exceeds £85,000 will be required to keep their records in a digital format and to send HMRC an electronic quarterly summary of income and expenditure. After the end of the accounting[…]
Businesses will be given at least 12 months to prepare for the transition to digital tax accounts. Businesses, self-employed people and landlords will need to submit quarterly updates to HMRC. There records will need to be kept digitally by 2020, but this will be phased in. The current plan is to start quarterly reporting from[…]