After much anticipation from accountancy bodies and businesses, HMRC has finally updated its guidance on Making Tax Digital (MTD), filling in several blanks. HMRC updated some of its informational pages on GOV.UK in late August, including fresh information on how to meet the requirements for MTD for income tax self-assessment (ITSA) and how to sign[…]
People are unprepared and unenthusiastic for Making Tax Digital (MTD), according to a survey commissioned by HMRC. Global market research group Ipsos recently released data suggesting a lack of preparation for MTD. They said “awareness of MTD in general, and MTD for income tax self-assessment (ITSA) specifically was low”. MTD ITSA will require people with[…]
All VAT-registered businesses must comply with Making Tax Digital (MTD) rules, regardless of how much they make each year. This will take place from 1 April 2022. The changes mean all VAT-registered businesses must compile and submit VAT returns using software that connects to HMRC’s systems. They can do that through a bridging tool or[…]
Last month it was announced that plans for two new penalties regimes would come into effect in January 2023. These were due to be implemented in April 2022 but have since been deferred. As a business owner, you’ll need to know whether this will change the way you do your VAT. This blog aims to[…]
Making Tax Digital for income tax (MTD for ITSA) looks certain to affect sole traders and landlords from April 2024. This is following the recent news of a one-year delay This was the latest in a long line of delays and deferrals in the rollout of MTD. It was first proposed by then-Chancellor George Osborne[…]
Unincorporated businesses could be about to see significant changes to the ways in which they are taxed. This is following the launch of a Government consultation. The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such as sole traders and business partnerships, allocate trading profits to tax[…]
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[…]
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Obligations from 1 April 2019 onwards Although the Making Tax Digital (MTD) regime has suffered several setbacks and delays, MTD for VAT remains on course to take effect from its planned implementation date of 1 April 2019. Under the scheme, VAT-registered businesses are required to maintain digital records, complete the VAT return from the digital[…]
Making Tax Digital We are one year away from Brexit, but our focus over the next twelve months will be ensuring our clients meet the new government requirements on Making Tax Digital (MTD). From April 2019, VAT registered businesses (including companies, self-employed and landlords) with turnover above the VAT registration threshold (currently £85,000) will have to: keep their records[…]