Reporting VAT Online- Aren’t We Doing That Already?

  Last month we reported that the government had announced the delay of Making Tax Digital for Business (MTDfB) to 2020 at the earliest but that quarterly VAT reporting, using the new system will be mandatory from 2019. Surely, we are doing that already you might say. However, currently businesses are only required to complete...

Making Tax Digital for Business Delayed

The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital for Business to 2020 at the earliest. Quarterly VAT reporting using the new system will be mandatory from 2019. In a further U-turn, three million small businesses and buy to let landlords below the VAT...

SNAP ELECTION MEANS SHORTER FINANCE ACT PASSED

The original Finance Bill published after the Spring Budget ran to nearly 700 pages. As a result of the announcement of the General Election on 8th June a significantly shorter Finance Bill was passed with many of the more detailed and more controversial measures being deferred to a later Bill. Whether those measures will reappear...

Start of Digital Reporting Delayed for Smaller Businesses

The Government is committed to the “Making Tax Digital” (MTD) project which is scheduled to start in April 2018 with the first quarterly updates being submitted by the self-employed and property landlords in July 2018. Many business owners, professional advisors and the Treasury select committee had expressed concerns about the timescale for the introduction of...

Making Tax Digital for Business (MTDfB)

Making Tax Digital for Business (MTDfB) Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Business. The government has decided how the general principles of MTDfB will operate. Draft legislation has been issued on some aspects and more will be published in...

Making Tax Digital

On 15 August 2016 HMRC published six consultation documents on Making Tax Digital. The six consultations set out detailed plans on how HMRC propose to fundamentally change the method by which taxpayers, particularly the self-employed and landlords, send information to HMRC. Two key changes proposed are: • From April 2018, self-employed taxpayers and landlords will...

MAKING TAX DIGITAL – TOO SOON?

  George Osborne announced the introduction of digital tax accounts in his 2015 Budget, with more information being sent online to HM Revenue and Customs (HMRC) by employers, pension funds, banks and other institutions. This information will then be used to calculate individuals’ tax liabilities which may be viewed by them online. All this sounds...