Making Tax Digital

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

Tax / Making Tax Digital: tips and advice

The introduction of Making Tax Digital for VAT will transform the way VAT is reported with a requirement to use digital records, but there is some respite as the first filing date is no earlier than 1 July and there is a soft-landing penalty regime in year one. Emma Chesson, head of online at Kreston Reeves, explains how to get started

Tax / One in five VAT-registered businesses in the dark over MTD

With only weeks to go until the planned introduction of Making Tax Digital, nearly one in five businesses above the VAT threshold still know little or nothing about the new requirements, according to the British Chambers of Commerce (BCC), which is calling on the government to delay the launch

Tax / HMRC sets out exemption process for Making Tax Digital for VAT

HMRC has issued updated guidance outlining the situations in which businesses and individuals can receive exemption from Making Tax Digital, although Low Incomes Tax Reform Group (LITRG) is warning that VAT registered individuals and businesses have little time to apply for an exemption

Tax / Nunn: HMRC caves on copy and paste for MTD year one

HMRC’s decision to allow companies a soft landing without penalties for Making Tax Digital for VAT is welcome but there is still much confusion about the software requirements for companies, says Yvette Nunn CTA, owner partner at Berkeley Associates

Tax / Editor’s comment: 25 days and counting

The deadlines for Brexit and the overhaul of VAT reporting under Making Tax Digital are uncomfortably close, while the risk of reverting overnight on 29 March to third country status for exports and audits, are just some of the bigger unknowns for business, tax advisers and accountants, says Sara White, editor of Accountancy Daily

Tax / Tax updates: March 2019

In this month’s round up of tax developments, Harry Potter star loses appeal, HMRC fines homeless man, landmark overseas powers case, July deadline for first MTD, child benefit eligibility warning, Brexit VAT expenses deadline, probate fees hike

Tax / 1.17m businesses still to sign up to Making Tax Digital

With only one month to go, there are still 1.17m businesses, out of a total of 1.2m, which are yet to sign up to Making Tax Digital for VAT, although HMRC says 2,000 business are now signing up each day

Tax / July deadline for first MTD for VAT filing for complete quarter

Companies will not have to file their first digital VAT return under Making Tax Digital for VAT until 1 July at the earliest, although the digital reporting requirement becomes mandatory in April
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