Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
Want To Be Part of Beta Testing of MTD For Income Tax?
Although making tax digital income tax self assessment (MTD ITSA) is not mandatory until 6 April 2026 at the earliest, it is possible for
HMRC Publish More Details of MTD for Income Tax Reports
Making Tax Digital for income tax self-assessment is scheduled to commence in 2026/27 for sole traders and property landlords with
Making Tax Digital for Income Tax Delayed Again
Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024. It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been delayed yet again!
Making Tax Digital – Update
The obligation to keep records in a digital format and report information quarterly will apply to unincorporated businesses and property landlords with gross income from all business activities in excess of £10,000 a year.
More Details of MTD for Income Tax Reporting
HMRC are currently consulting on the precise details of what needs to be reported each quarter.
MTD for VAT - New Guidance on Penalties for Non-Compliance
HMRC have issued new guidance on the penalties that they impose for non- compliance with the Making Tax Digital (MTD) for VAT rues. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’.
MTD For Income Tax Postponed To 2024/25
Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024.
Making Tax Digital (MTD) For Income Tax
Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023.
Making Tax Digital Extended To VAT Registered Businesses Under the Threshold
MTD for VAT is now being rolled out to all VAT registered businesses from April 2022 which may cause some traders who are VAT registered but below the threshold to consider deregistering to avoid having to comply with MTD for VAT.
MTD For VAT for all VAT Registered Businesses in 2022
Most businesses will have 2 years to prepare and test the service. From April 2022 these requirements will apply to all VAT-registered businesses.
Apply For More Time For Mtd Digital Links
For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use MTD digital links …
The Making Tax Digital Timeline 2015 -18
Are you still a little fuzzy when it comes to Making Tax Digital– what’s it all about and does it affect your business? Fear not, as we’ve condensed all our MTD posts from the last two years into one Making Tax Digital Timeline.
Making Tax Digital For Vat Guidance Issued
HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT.