Online VAT returns will close on 1 November 2022 as part of HMRC’s Making Tax Digital (MTD) movement. This will leave VAT registered businesses to choose either using MTD compatible software or face penalties, unless they are exempt. 

HMRC’s flagship Making Tax Digital online quarterly reporting is being significantly extended with legislation proposed in the Finance Bill 2020-21 bringing all VAT registered businesses into the system from April 2022 and extending it to include income tax self assessment from April 2023. 

Making Tax Digital is fast approaching; therefore it is important for mandated businesses with taxable turnover of £85,000+ start preparing for the switch over in April 2019.   The first VAT period affected is the period which begins after 1 April 2019.

Making Tax Digital is fast approaching; therefore it is important for mandated businesses with taxable turnover of £85,000+ start preparing for the switch over in April 2019.   The first VAT period affected is the period which begins after 1 April 2019.

As we have mentioned before, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000.
 

As we have mentioned before, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000.
 

It has been announced by HMRC’s Making Tax Digital (MTD) team that plans still remain in place for VAT registered businesses, but the wider extension of the MTD programme for non-VAT registered businesses will be delayed, due to Brexit and the Government resources being stretched.

It has been announced by HMRC’s Making Tax Digital (MTD) team that plans still remain in place for VAT registered businesses, but the wider extension of the MTD programme for non-VAT registered businesses will be delayed, due to Brexit and the Government resources being stretched.

From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

There is a government department, the Office for Tax Simplification (OTS), that has been charged with investigating ways that the UK’s tax rules can be changed to make them easier to understand and easier to use.

There is a government department, the Office for Tax Simplification (OTS), that has been charged with investigating ways that the UK’s tax rules can be changed to make them easier to understand and easier to use.

Small firms will be experiencing a sense of relief this morning, as changes are announced to the controversial and revolutionary new digital tax system.

Small firms will be experiencing a sense of relief this morning, as changes are announced to the controversial and revolutionary new digital tax system.

Sage and Cashplus have announced that they have joined forces in order to support small businesses in getting ahead of the making tax digital legislation.

Sage and Cashplus have announced that they have joined forces in order to support small businesses in getting ahead of the making tax digital legislation.

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

Making Tax Digital (MTD) for business?

Q. Who will benefit from the deferral on MTD?

A. If you are under the current VAT threshold of £83,000 the deferral until April 2019 will give sole traders, small unincoroprated businesses and landlords, a further year to prepare.

Making Tax Digital (MTD) for business?

Q. Who will benefit from the deferral on MTD?

A. If you are under the current VAT threshold of £83,000 the deferral until April 2019 will give sole traders, small unincoroprated businesses and landlords, a further year to prepare.

  The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster.

  The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster.