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Making tax digital

MAKING TAX DIGITAL EXTENDED

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 EXTENDED

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 VAT deadline extended to 1 April 2021

HM Revenue and Customs (HMRC) has just confirmed that they are allowing an extension to the deadline for implementing full digital links for Making Tax Digital (MTD) for VAT, therefore extending the soft landing period.

Making Tax Digital: What's Next?

Making Tax Digital has now been live for just over a month, affecting the way most VAT-registered businesses file their VAT returns.   

Making Tax Digital: Timing is everything

With Making Tax Digital just around the corner, there has been some confusion around when businesses need to sign up for the new Business Tax Account and submit their VAT return through their accounting software.  In our latest blog, we look at the timings involved. 

Making Tax Digital: Are you aware of the changes to the Government Gateway?

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: Are you aware of the changes to the Government Gateway?

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 Update: HMRC Letters

HMRC have been writing to VAT registered businesses about Making Tax Digital for VAT, they have confirmed that all letters have now been sent.

Last call for VAT traders to prepare for new filing regulations

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.  

Last call for VAT traders to prepare for new filing regulations

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.  

Making Tax Digital - Bridging software

Can we still use spreadsheets after MTD comes into force?One of the most commonly asked questions concerning the Making Tax Digital changes coming in from April 2019 concerns whether spreadsheets count as “functional compatible software”.  The answer to this is both yes and no.

7 reasons why your business should invest in cloud accounting

What is cloud accounting? Cloud accounting uses software that is hosted on remote servers rather than on a company’s own servers. Data is sent to and stored in "the cloud," where it is processed and returned to the user - all application functions are performed off-site and not on the user's desktop.

Are you ready for the VAT filing changes?

A reminder that from 1 April 2019, VAT registered traders with turnover in excess of the current VAT registration limit, £85,000, will need to file returns after 1 April 2019 linked to HMRC’s Making Tax Digital (MTD) systems.

8 reasons why your business should invest in cloud accounting

What is cloud accounting? Cloud accounting uses software that is hosted on remote servers rather than on a company’s own servers. Data is sent to and stored in "the cloud," where it is processed and returned to the user - all application functions are performed off-site and not on the user's desktop.

8 reasons why your business should invest in cloud accounting

What is cloud accounting? Cloud accounting uses software that is hosted on remote servers rather than on a company’s own servers. Data is sent to and stored in "the cloud," where it is processed and returned to the user - all application functions are performed off-site and not on the user's desktop.

HMRC delays MTD for businesses below the VAT threshold

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.

HMRC delays MTD for businesses below the VAT threshold

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.

Making Tax Digital - Bridging software

One of the most commonly asked questions concerning the Making Tax Digital changes coming in from April 2019 concerns whether spreadsheets count as “functional compatible software”.   Bridging software allows businesses to transfer the relevant VAT information from a spreadsheet directly into HMRC's MTD systems - thereby removing the need to purchase a full accounting software package - at least in the short-term. 

Making Tax Digital timeline

You will be aware that HMRC is moving forward with their digitisation of taxpayer VAT and Income Tax reporting requirements, under their much publicised Making Tax Digital (MTD) initiative. Below you will find the most recent announcements made by HMRC on this issue.  

Making Tax Digital timeline

You will be aware that HMRC is moving forward with their digitisation of taxpayer VAT and Income Tax reporting requirements, under their much publicised Making Tax Digital (MTD) initiative. Below you will find the most recent announcements made by HMRC on this issue.  

Making tax digital - you can use spreadsheets

HMRC has about-faced regarding the ban on using spreadsheets to work out your VAT return data from 1 April 2019, when the new requirement to file VAT returns using Making Tax Digital (MTD) format is introduced.

Making tax digital - you can use spreadsheets

HMRC has about-faced regarding the ban on using spreadsheets to work out your VAT return data from 1 April 2019, when the new requirement to file VAT returns using Making Tax Digital (MTD) format is introduced.

Is your business ready for the April making tax digital deadline?

In less than a year all businesses that file VAT returns will have to file these online or through reliable accountancy software. From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

Is your business ready for the April making tax digital deadline?

In less than a year all businesses that file VAT returns will have to file these online or through reliable accountancy software. From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

Points based penalties

In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations.  

Points based penalties

In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations.  

Free breakfast seminar: GDPR & Making Tax Digital

Our free business breakfast seminar in Corby, held in partnership with Friday Legal Solicitors, covers the key changes to legislation affecting SMEs and Owner Managed Businesses. 

Have you submitted your tax return?

The countdown has begun for this years’ online tax return, a crucial time for around 11 million taxpayers who are self employed or  receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax.  Because of changes made to the taxation of dividends with effect from 6 April 2017, any one who receives more than £5,000 of dividends in a year is likely to have an income tax liability, even if they are only basic rate taxpayers.  In the past only higher rate taxpayers have had to pay any tax on their dividend income.

Have you submitted your tax return?

The countdown has begun for this years’ online tax return, a crucial time for around 11 million taxpayers who are self employed or  receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax.  Because of changes made to the taxation of dividends with effect from 6 April 2017, any one who receives more than £5,000 of dividends in a year is likely to have an income tax liability, even if they are only basic rate taxpayers.  In the past only higher rate taxpayers have had to pay any tax on their dividend income.

Making Tax Digital: Changes to VAT reporting from 2019

From April 2019, as part of the Government’s Making Tax Digital (MTD) programme, VAT registered businesses with taxable turnover above the VAT registration threshold (currently £85,000) will have to keep their records digitally (for VAT purposes only) and submit their VAT return information to HMRC digitally through ‘MTD functional compatible software’.

Making Tax Digital postponed until 2019/20

A recent Treasury announcement confirmed that Making Tax Digital (MTD) will now only apply from April 2019 for businesses with turnover above the VAT threshold.  Full-blown quarterly reporting for all other businesses will now not apply until April 2020 at the earliest.  

Making Tax Digital plans suspended

Following the calling of a snap general election, numerous elements of the Budget proposals have been dropped from the Finance Bill.  One of the most notable removals concerns Making Tax Digital (MTD).   The current position is that, (subject to any future Budget announcements), MTD will now not be coming into effect in April 2018.  

Making Tax Digital - changes announced in the Spring Budget

In the Spring Budget 2017 the Chancellor Philip Hammond announced that the plans for the introduction of Making Tax Digital have been relaxed as a result of concerns raised to HMRC during the consultation period. 

HMRC publishes response to Making Tax Digital consultations

HMRC published their response to the consultations that were undertaken for the Making Tax Digital (MTD) regime on 31 January 2017.  We take a look at the main points of their response and consider what this will mean for business owners. 

Is 'Making Tax Digital' good news for tax payers?

Tax Adviser Tim Woodgates from the Moore Corby office considers whether the Goverrnment's Making Tax Digital initiative is good news for tax payers.

Digital Tax Returns - what will the changes mean for you?

You’ve probably seen the headlines such as ‘the end of the Tax Return’ and heard the Government talk about ‘reducing the burden’ for tax payers by building a ‘transparent and accessible tax system for the digital age’, but you may not be aware of what the changes will mean for you. Senior Tax Adviser Matthew Grief from the Moore Peterborough office explains what impact the proposed changes will have on the tax payer.

Capital Gains Tax (CGT) Planning

Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax year 2015-16 and pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised.

Capital Gains Tax (CGT) Planning

Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax year 2015-16 and pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised.