Making Tax Digital

Tax / Making Tax Digital – exploding the myths

While VAT is now at the forefront of HMRC plans for the rollout of Making Tax Digital (MTD), digital reporting will apply to all the main taxes in future and will impact all UK taxpayers. Ian Carpenter and John Forth, VAT partners at RSM, explain potential pitfalls and considerations for businesses and accountants

Tax / Editor’s comment: Making Tax Digital for dummies

As HMRC launches its Making Tax Digital income tax pilot Sara White, editor at Accountancy, discusses the lack of communication on HMRC's behalf and considers why sole traders were chosen to test the software first

Tax / Tax updates: April 2018

This month's review of tax cases and tax news including Making Tax Digital extended to income tax, changes to termination tax payments, copy Third party information notice was required by HMRC, penalties for late return were invalid

Tax / HMRC launches Making Tax Digital income tax pilot

HMRC has signalled it is extending its flagship Making Tax Digital initiative to include income tax reporting, by offering self employed individuals and their agents the opportunity to join a pilot for using software to keep business record digitally and send income tax updates to HMRC, instead of filing a self assessment tax return

Tax / Nunn: review of VAT threshold needs to be sensible

Among the slew of consultations announced in the Spring Statement this week, the decision to review the VAT threshold is perhaps one of the most important. Yvette Nunn (Fellow) ATT (Fellow) MAAT, director of Berkeley Associates, considers the complexities of overhauling the threshold 

Tax / Chancellor’s statement unlikely to spring surprises

There is general agreement that the Chancellor’s first spring statement, scheduled for Tuesday 13 March, is unlikely to contain any new policy measures, but looks to set to announce a raft of consultations and an update on the latest official economic and fiscal forecasts

Tax / Making Tax Digital: HMRC needs to pick up the pace

With just over a year to go HMRC is stalling over key software decisions around Making Tax Digital for VAT leaving everyone concerned about whether software provision will be ready in time to allow for sufficient pre-launch testing, warns Androulla Soteri, tax development manager at MHA MacIntyre Hudson

Tax / HMRC chief sets out priorities and risks for tax authority

Jon Thompson, chief executive of HMRC, is leading a major transformational change programme at the tax authority. In his latest HMRC blog, he outlines the priorities and challenges of digital transformation, from the ambitious Making Tax Digital overhaul to personal tax accounts and the risk of Brexit overload

Tax / Excel skills no longer a ‘must have’ for accountants

CFOs no longer consider Excel as an essential skill and are more concerned about employees’ ability to adapt to new technologies, according to research by Adaptive Insights

Tax / Tax updates: March 2018

This month's review of tax cases and tax news including bonds with euro forex clause were QCBs, loan note avoidance scheme fails in Cyclops Electronics, HMRC launches first pilot for businesses to start Making Tax Digital for VAT trial

Tax / Small businesses spend three working weeks on tax compliance

The average UK small business spends £5,000 and three working weeks every year on tax compliance, according to research from the Federation of Small Businesses (FSB), which is calling for the system to be simplified

Tax / HMRC ups the ante with requirement to correct tax rule

HMRC is ramping up its counter avoidance activity with a mission to target wealthy taxpayers, tough requirement to correct rules and threats of more criminal action against taxpayers, warns Dawn Register, partner in BDO’s tax dispute resolution team

Tax / Bull: is HMRC’s Making Tax Digital pilot fit for purpose?

HMRC plans to start piloting Making Tax Digital from April needs to have the serious reach to really test out the limits of the new VAT reporting system to avoid a botched rollout in April 2019, says George Bull, senior tax partner at RSM

Tax / HMRC invites businesses to trial Making Tax Digital for VAT

HMRC has called on accounting institutes to help it recruit businesses for its Making Tax Digital for VAT pilot which starts in April 2018, with numbers limited at this stage

Tax / Tax updates: February 2018

This month's review of tax cases and tax news including tax avoidance scheme closure notices, reasonable excuse gives taxpayer part penalty relief, Making Tax Digital for VAT set for 2019, tax-free childcare for under nines starts