Making Tax Digital

Tax / Nunn: VAT surcharge decision highlights MTD penalty threat

Yvette Nunn CTA, director of Berkeley Associates, welcomes a sensible decision in the recent Farrell VAT surcharge case, but fears the tribunal system will not cope unless HMRC ditches automatic penalties when Making Tax Digital for VAT is in full force

Tax / Tax updates: May 2019

In this month’s tax updates, cases include Loose Women’s star IR35 win while Hustle actor’s Big Bad Wolffe company loses NIC appeal, a taxpayer’s unsolicited tax returns are rejected, HMRC wins £40m Hyrax case, IR35 private sector rules released, Treasury reports on loan charge, HMRC consults on PRR and multinationals face CFC clawback

Tax / Tax filing deadlines: May - Aug 2019

The key HMRC filing deadlines from May to July 2019 including deadline for Forms P46(Car) (printed form) for quarter ended 5 April, P60 payroll reporting to employees and confirmation statements showing benefits that have had tax collected through payroll in 2018/19

Tax / Penalty perils for early enrolment for Making Tax Digital

Businesses that have already signed up for Making Tax Digital for VAT but are yet to file their latest VAT return need to act quickly to avoid possible penalties if they encounter problems making VAT payments on time, the Association of Taxation Technicians (ATT) is warning

Tax / VAT receipts up 4.8% to £34.5bn in Q1

HMRC has reported total VAT receipts for the first quarter of the year were £34.5bn, 4.8% higher than the same quarter last year, continuing a long-term upward trend

Tax / Compliance fears drive increased use of tax technology

Company boards are increasingly concerned about tax compliance and planning, partly because of initiatives such as Making Tax Digital for VAT and automatic exchange of tax information, driving a 20% hike in investment in tax technology

Tax / Dodwell: digitising tax system removes control from taxpayers

In the face of tax digitisation, HMRC may be removing control over tax contributions from individuals to the state. Bill Dodwell, tax director of the Office of Tax Simplification (OTS) argues that a review of the design of the tax system is overdue

Tax / Accountants need single Agent Services Account for Making Tax Digital

HMRC has issued guidance for tax agents and accountants confirming that firms will need to create a single agent services account (ASA) for the whole practice to sign up clients to Making Tax Digital for VAT, stressing that once a client is signed up it is not possible to opt out of mandatory digital reporting

Tax / HMRC fires starting pistol on Making Tax Digital

Today, 1 April, marks the launch of HMRC’s flagship Making Tax Digital programme, designed to streamline tax administration, which requires 1.2m VAT registered businesses earning over £85,000 to keep their records digitally and submit online VAT returns

Tax / Tax updates: April 2019

In this month’s tax updates, read about Lorraine Kelly’s £1.2m IR35 case, Lehman Bros interest payments, ‘E’ Share losses, Making Tax Digital registration delays, SDLT window cut, and OECD digital tax plans

Tax / Filing deadlines: Apr - Jul 2019

The key HMRC filing deadlines from April to July 2019 including the start date for Making Tax Digital for VAT from 1 April with 1 July onwards for initial VAT payments, last day of 2018/19 tax year and deadline for various tax claims and elections as well as use of CGT annual allowances and annual limit for pension contributions and deadline for various tax claims and elections

Tax / 1.13m businesses still to sign up to Making Tax Digital

With just one week to go until Making Tax Digital for VAT is introduced for more than a million businesses, HMRC says just 70,000 have signed up for the new service, which is mandatory from 1 April

Tax / HMRC collecting individuals' data through Making Tax Digital software

Although people may not be using HMRC services directly, the tax authority can still collect individuals' data through tax advisers and Making Tax Digital software

Tax / Making Tax Digital for VAT registration takes seven working days

HMRC has warned that the registration process for Making Tax Digital for VAT, due to come into effect from 1 April, will take seven days to complete, and will not be a real time service

Tax / Spring Statement 2019: no Making Tax Digital extension for two years

Chancellor Philip Hammond has confirmed that Making Tax Digital will not be extended to buy-to-let landlords or businesses before 2021 at the earliest
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