Making Tax Digital

Tax / Making Tax Digital and rural businesses

With Making Tax Digital on the horizon, rural businesses risk being left behind and labelled as ‘non-compliant’ unless they act quickly, warns Mark Pryce

Tax / 40% of businesses unaware of Making Tax Digital for VAT

Over 40% of businesses about to be affected by Making Tax Digital for VAT are not yet aware of it, despite the April 2019 deadline for its introduction, and 20% have made no preparations, according to research by ICAEW

Tax / House of Lords call for evidence on extent of HMRC powers

The House of Lords has issued a two-week call for evidence into the extension of HMRC powers as part of government plans for Making Tax Digital set out in the draft Finance Bill 2018

Tax / Tax updates: September 2018

This month's review of tax cases and tax news including QC wins appeal over excessive penalties, conditions for Accelerated Payment Notices were met, Making Tax Digital VAT trial for businesses faces delays

Tax / Nunn: confusion around HMRC guidance on Making Tax Digital for VAT

HMRC is giving out mixed messages about compliance with Making Tax Digital for VAT, warns Yvette Nunn, director of Berkeley Associates, after spotting a mistake in guidance released by HMRC in July

Tax / Making Tax Digital: are the software providers ready?

Making Tax Digital for VAT reporting will be mandatory from 1 April 2019, although there will be an initial soft-landing period before penalties kick in from early 2020. Rob Munro asks whether software providers are ready

Tax / Tax updates: August 2018

This month's review of tax cases and tax news including penalties for Making Tax Digital disclosed, Supreme Court dismisses JP Whitter’s CIS status appeal, decision upheld on ‘source’ of interest payments, insurance costs pulled into OpRA rules on company cars

Tax / Editor’s comment: growing the tax code

As HMRC continues with its attempt to close the £33bn tax gap, by releasing dozens of new tax measures as part of the Draft Finance Bill 2018-19, Sara White, editor of Accountancy asks whether all these new tax initiatives take the spotlight off Making Tax Digital for VAT which is quickly approaching

Tax / British Chambers of Commerce call for cuts in red tape

Three quarters of UK businesses believe the cost of complying with the UK tax system has escalated in the last five years according to the British Chambers of Commerce (BCC), which is calling for the government to cut ‘red tape’ and delay Making Tax Digital plans

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