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Richard Alecock
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Making Tax Digital

Making tax digital (MTD) was phased in by HMRC wef 2019 with the stated aim of ‘making it easier for individuals and businesses to get their tax right and keep on top of their affairs’.  In layman’s terms, MTD requires taxpayers to keep up to date and accurate their tax records on book-keeping software. Many commentators belief the actual aim of MTD is to enable HMRC to collect more tax.

So What Changed on 1 April 2019?
All VAT registered businesses with a turnover in excess of the VAT threshold (currently £85,000 a year) became required to keep business accounting records in an electronic format. They also became required to submit future VAT returns electronically using connected software.  The option to use the Government Gateway for submitting VAT returns ended.

 

This was just the first step of MTD.  Subsequently, you will be required to submit quarterly returns of ‘real time’ business accounts.  This will effectively be the delivery of quarterly accounts to HMRC in addition to annual accounts, and will require up-to-date electronic accounting information to be available throughout the year.  Timetable for introduction for other taxes:

Act Now, We Want to Help
To make these reporting changes as smooth and painless as possible, we want to assist you and your business to transition from existing book-keeping and accounting processes to digital connected accounting software (ideally, cloud hosted).  Acting now will ensure everything is in place, tried and tested, all in good time.

 

Read our latest MTD blogs below and keep up with the most recent developments as well as our newsletters and events created to keep you up to date with the MTD journey.

 

Our latest Making Tax Digital newsletters    Leaflet | Issue 1 |Issue 2 | Issue 3 | Issue 4 | Issue 5 | Issue 6

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Retail Client
Whitings have looked after our shop business for many years, helping with payroll, VAT and general taxes. They always have an eye on improving the business for the future.

Latest Blogs in Making Tax Digital
Whitings LLP
21st August 2017 Chaser – Stop wasting time chasing invoices

  Chasing unpaid bills can be very time consuming for any company and can cost hours of time spent writing, emailing and phoning customers. This can put a strain on the rapport that has been built over years of trade. In some cases business owners just don’t have the time or the man power to…

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Richard Alecock
9th August 2017 New timetable for Making Tax Digital

  The government has announced a revised timetable for the introduction of Making Tax Digital for Business (MTDfB). MTDfB introduces extensive changes to how taxpayers record and report income to HMRC. Unincorporated businesses, including landlords, were expected to be the first to see significant changes in the recording and submission of business transactions but the…

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Richard Alecock
20th July 2017 Are you VAT registered? – latest MTD announcement

  The recent announcement that HMRC have delayed the implementation of Making Tax Digital (MTD) for income tax until at least April 2020 has been met with relief by many taxpayers and accountants. It has however drawn attention to the fact that one particular group’s MTD journey has remained firmly fixed at April 2019. Those…

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Mark Burrows
13th July 2017 BREAKING: Changes to Making Tax Digital rollout timetable announced by Government

The Government has now set out a revised timetable for implementation of the Making Tax Digital (MTD) project.   Three million of the smallest businesses and landlords will be able to move to the new digital system for keeping tax records at a pace that is right for them, Ministers announced today as they set…

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Richard Alecock
30th June 2017 Setting up your ‘Personal Tax Account’

As part of the move from Self-Assessment to Making Tax Digital (MTD), HMRC are encouraging taxpayers to set up their ‘Personal Tax Account’. Once MTD is underway, the Personal Tax Account will be populated with taxable income from various sources, including employment/pension income, bank and building society interest, and dividends from quoted companies. The account…

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Amanda Newman
1st June 2017 Making Tax Digital –Standard Chart of Accounts

For some clients making tax digital is now start to loom with them needing to commence quarterly returns in less than twelve months. With this in mind, they may be looking to set up new software programmes in preparation. But where do you start with the headings to use in your accounts? HMRC have stated…

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Whitings LLP
30th May 2017 Cloud based Accountancy – Useful Apps to Make Your Life Easier – GoCardless

  This blog focuses on collecting payments for your business. There are many different payment apps available to use in parallel with either Xero or QuickBooks. The application under review is an app called GoCardless.   GoCardless is made by a company called Directli it allows you to take control of your payments, ensuring your…

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Whitings LLP
19th May 2017 Making Tax Digital – The Cloud Based Accountancy Software

As has been widely publicised a sole trader, partnership or landlord with a turnover of £85,000 or more, will need to comply with Making Tax Digital, potentially from as early as April 2018. This includes a requirement to operate an electronic bookkeeping system. Xero and QuickBooks are leading companies offering a wide range of support…

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Andrew Band
18th May 2017 Making Tax Digital Seminar – Places still available

We still have places available for our free MTD seminar on 25 May at our March office at 8.30am. If you are a sole trader, partnership or landlord with turnover in excess of £10K, you will need to comply with MTD in the near future. Our seminar will cover the impending MTD requirements and will…

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Andrew Band
10th May 2017 Making Tax Digital – Free Seminar

Are you a sole trader, partnership or landlord with turnover in excess of £10,000?  If so, you will need to comply with Making Tax Digital, potentially from as early as April 2018. Our March office is holding a free seminar on Thursday 25 May 2017 at 8.30am to cover the new digitalised record keeping and…

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