Latest making-tax-digital

Making tax digital (MTD) for income tax is being delayed, originally due to come in from 6 April 2023 this has now been delayed. New proposed timetable: 6 April 2024: MTD for individual landlords with >£10k pa of rental income. 6 April 2025: MTD for general partnerships. No sooner than 2026: MTD for corporation tax.…

A recent publication has quoted a survey suggesting that 8 out of 10 plumbers are at risk of penalties when the impending Making Tax Digital rules are enforced.   Half this number is quoted as being unaware of the impending changes. Although the rules do not bite until April 2023 it is a brave tax…

Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period.  Tax is paid on profits earned in the basis period ending in the tax year in question.   However,…

Our MTD Group have produced Issue 5 of their newsletter giving details of Making Tax Digital (MTD) as it continues.   So if you are unsure of what to do next, our newsletter has information and advice how to proceed.  Don’t delay however as penalties will be introduced if submission deadlines are missed.   Making…

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

Earlier this month HMRC published their consultation and plans for Making Tax Digital for corporation tax (MTD for CT).   HMRC have proposed the main elements of the scheme to be:-   All entities within the charge of corporation tax will need to maintain their records digitally; Those entities should use MTD compliant software to…

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

Today the government has set out its draft agenda for a 21st century tax system, they say these are the next steps in an ambitious plan to create a modernised digital tax system fit for the modern world.   This is part of the Treasury’s long term tax digitisation plan, which is designed to increase…

Over the last week or two HMRC have begun getting in touch with small businesses across the UK who are not complying with Making Tax Digital (MTD) but are required by law to do so.  These businesses need to take action now to avoid any potential penalties being levied.   If you are a VAT…

In light of the Covid-19 pandemic presenting unprecedented challenges for everyone, HMRC has announced a one year deferment to the requirement to digitally link separate software programmes when preparing your VAT return. The soft landing period of MTD (Making Tax Digital) had originally been in place for businesses to make a manual transfer – this…