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[…]
View our latest Jack Ross Insider for January 2019.
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[…]
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[…]