Latest making-tax-digital

Two fantastic days at Xerocon London on 4th and 5th October as 2000 attendees from 24 countries descended on the ExCel, the annual event for Xero Partners. Over the two days, four of our staff: Tom Carter, Dan Coleman, Steph Tinkler and Chip Moore attended the event. It was an opportunity to learn about new…

  HMRC have now implemented their ‘Simple Assessment’ project, where they use the information already available to them from employers, pension providers, the DWP and banks to calculate the tax for those with straightforward or ’Simple’ tax affairs, without the need for a tax return to be completed.   In theory this sounds like an…

HMRC have announced the introduction of a new online tax forum and webchat service for small businesses. HMRC are advising that the new service called the Small Business Online Forum offers advice on tax matters as well as help with: starting a business support for growing a business – including taking on employees and expanding…

HMRC have for some time been keen for taxpayers to make their tax payments electronically.  They have recently updated their guidance to show that from 15 December 2017 it will no longer be possible for taxpayers to pay self-assessment tax, or in fact any other type of tax, directly at the Post Office.   This…

  A frequent concern when discussing cloud based accounting with clients is what security measures are in place to ensure their data is protected. QuickBooks Online offer password-protected data as well as a two-step Authentication. Two Step Authentication Two step authentication means that as well as requiring a username and password to access QuickBooks Online…

  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…

  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…

  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…

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…

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…