Making Tax Digital

Tax / HMRC delays Making Tax Digital for VAT trial for businesses

HMRC has assessed 18 software suppliers as having met its requirements for Making Tax Digital for VAT, ahead of the mandatory deadline for online filing next April, while its public trial for businesses who will have to keep and submit digital records will not now start until later this year

Tax / FB 2018-19: two-tier Making Tax Digital penalty regime confirmed

The penalty system for Making Tax Digital will kick in within 15 days of an overdue payment and will be a two-tier system, the government has confirmed in the draft Finance Bill 2018-19, although there will be an initial grace period for late filers

Tax / Government releases draft legislation for Finance Bill 2018-19

The government has issued draft Finance Bill 2018-19, including draft legislation for at least 33 significant measures affecting employment tax, simplification of Gift Aid, company car tax liability, Making Tax Digital penalty regime and new rules for tax under IFRS 16 Leases, reports Sara White

Tax / SMEs still unsure of Making Tax Digital requirements

Nearly half (41%) of small business owners are still unaware of Making Tax Digital, according to research from Intuit QuickBooks, with the online software specialist saying accountants will play a key educational role as the deadline for the switch to digital updates nears

Tax / Making VAT Digital: top tips for businesses

If your business is registered for VAT and has a taxable turnover of over £85,000, from 1 April 2019 businesses will have to comply with new Making Tax Digital VAT rules or face fines of up to 15% of their annual VAT bill, warns Alison Horner, VAT partner at MHA MacIntyre Hudson

Tax / Minor software providers sign up to Making Tax Digital pilot

With less than a year until the rollout of Making Tax Digital for VAT reporting becomes mandatory, HMRC has signed up two more software providers for the income tax pilot

Tax / HMRC spend on debt collectors balloons

In a bid to close the tax gap and chase up recalcitrant taxpayers, HMRC has ramped up spending on private sector debt collectors by 62% in the last year to reach £39m, compared to £24m in 2016

Tax / Number of tax refund scams escalating

A sharp rise in the number of scam emails and text messages targeting taxpayers has been flagged by HMRC, with renewed warnings that criminals are attempting to trick the public into thinking they have received a tax rebate so they hand over their account and personal details

Tax / US lawmakers push IRS to adopt digital tax reforms

The Internal Revenue Service (IRS) is being pressed to adopt new online systems after the US House of Representatives passed legislation intended to introduce digital services and require the tax authority to appoint a chief information officer (CIO), in the wake of technical problems which saw the tax payments system crash on deadline day

Tax / HMRC to delay more digital services for individuals

HMRC has acknowledged that its digital transformation programme has not ‘all been smooth sailing’ and says the need to refocus priorities to meet the demands of Brexit mean it will delay plans to introduce more digital services for individuals

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