Making Tax Digital – can we help?

Making Tax Digital for VAT…..how is it going for you so far? From April 2019, the government’s Making Tax Digital (MTD) campaign has applied to the online filing of digital VAT returns. Businesses will have received instructions from HMRC advising of the steps to take. All VAT registered businesses with a turnover greater than the VAT threshold, currently £85,000 p.a. … Read More

Digital VAT returns coming soon

From April 2019, the government’s Making Tax Digital (MTD) campaign applies to the online filing of digital VAT returns. All VAT registered businesses with a turnover greater than the VAT threshold (including unincorporated businesses, companies, LLPs and charities) will be required to file their quarterly VAT returns online. They will also be expected to keep and maintain digital VAT records. … Read More

Tax proposals dropped from Finance Bill 2017

Several tax proposals dropped as 2017 General Election approaches With the 2017 ‘snap’ General Election almost upon us, several tax proposals have been dropped from the Finance Bill 2017 before parliament is dissolved on 3 May. The dropped proposals will be ‘held over’ until after the election when they become a matter for the next government. Key proposals which have … Read More

Budget 2017 – employed and self employed taxes

Self Employed Making Tax Digital employed and self employed taxes – Following concerns from tax professionals and taxpayers alike on the tight implementation timeframe, the government will delay the introduction of quarterly reporting for unincorporated businesses and landlords with turnover below the VAT threshold until April 2019. In addition, the cash basis entry threshold will be increased to £150,000 and … Read More

Making Tax Digital – what it means for businesses and individuals

Following recent consultation, HMRC is pressing ahead with its Making Tax Digital (‘MTD’) reforms, albeit with a few key elements still to be decided. The new system is designed to convert the vast majority of taxpayers into the online tax world, enabling income and expenses to be reported digitally to HMRC every quarter via new software. MTD is expected to … Read More

Making tax digital – the digital revolution

The Government is committed to reforming the current tax system to bring it into the digital age and has begun various consultations with results expected at the end of this year. Changes are proposed to come into force in 2018, requiring businesses and landlords to record their income and expenses digitally, plus updating HMRC at least quarterly. Digital accounts for … Read More