Making Tax Digital

Tax | Treasury releases 10-year digital tax strategy

Alongside the Finance Bill 2020-21 draft legislation, the government has released details of an ambitious ten-year strategy to create ‘a tax system fit for the challenges and opportunities of the 21st century’, with a strong focus on increased use of technology and moves to real-time reporting and tax payments

23 Jul 2020

Making Tax Digital

Tax | US claims ‘impasse’ on digital services tax talks

The US has pulled out of the discussions on the OECD’s plans for a global tax framework for multinationals in the digital economy, claiming the talks are at an ‘impasse’, and raising the prospect of retaliatory action over any digital services tax (DST)

22 Jun 2020

Making Tax Digital

International tax

Tax | EU tax moves impact on UK trade

With Brussels is planning new taxes around carbon, plastic and digital services to bolster the EU economy after coronavirus, the effects of may be felt by UK importers and exporters, says RSM’s George Bull

10 Jun 2020

Making Tax Digital

International tax

Tax | Trump threats on digital tax reveals policy free-for-all

With US technology giants in the sights of any digital services tax, investigation could see a new tariff war launched against many countries including the UK, writes Avalara’s Richard Asquith

5 Jun 2020

Making Tax Digital

International tax

Tax | US to probe UK’s digital services tax

The US has launched an investigation into digital services taxes (DSTs) that have been adopted or are being considered by a number of its trading partners, including the UK, on the grounds that they will unfairly penalise companies like Google and Amazon

3 Jun 2020

Making Tax Digital

International tax

Tax | Covid-19: MTD technical guidance being rewritten for VAT deferral

HMRC is finetuning the technical details for the VAT deferral process for businesses using the Making Tax Digital (MTD) for VAT system with an update to HMRC Technical VAT Notice 700/22 expected shortly

8 Apr 2020

Making Tax Digital

Tax | Covid-19: HMRC delays MTD ‘digital links’ Excel deadline

HMRC has deferred by one year the deadline for businesses reporting under Making Tax Digital (MTD) for VAT to meet the requirement to have ‘digital links’ within their recordkeeping for transferring information from Excel spreadsheets and other data sources to their online VAT filing

1 Apr 2020

Making Tax Digital

Tax | Making Tax Digital serviceability levels too low

HMRC has released a slew of research reports on progress with its flagship Making Tax Digital (MTD) online reporting regime, suggesting that businesses which have fully automated are seeing some benefits, but those with a hybrid approach are finding the transition more challenging

20 Mar 2020

Making Tax Digital

Practice & Industry

Tax | MTD threat to farmers, warns CLA

The Country Land and Business Association (CLA) is calling for an overhaul of the tax system for rural businesses particularly in light of Making Tax Digital for income tax plans

19 Feb 2020

Making Tax Digital

Tax | MTD for landlords and sole traders still at trial stage

HMRC has re-issued brief guidance on Making Tax Digital for landlords and sole traders who will be required to report income tax quarterly at some stage in the future, although it is still only a pilot and will not be mandatory

11 Feb 2020

Making Tax Digital

Tax | Making Tax Digital increases costs for businesses

Making Tax Digital is not reducing errors and is proving to be much more expensive to implement than HMRC originally claimed, according to a joint user survey by CIOT and ATT

29 Jan 2020

Making Tax Digital

Tax | Digital services tax will be temporary

The Chancellor has given the April digital services tax for multinationals the go ahead at the World Economic Forum, but only a short-term basis

22 Jan 2020

Making Tax Digital

International tax

Tax | US and France negotiate digital tax agreement

There are signs that France and the US are looking for a way to end their dispute over French plans to introduce a digital tax, which has seen the US threaten retaliatory tariffs on French products

21 Jan 2020

Making Tax Digital

Tax | Tips for taxpayers: Making Tax Digital for VAT

Nine months since the launch of Making Tax Digital (MTD) for VAT, late adopters have only filed once under the new system, some not even using accounting software due to the soft landing penalties regime. Philip McNeill and Dr Sarah McNeill explain the key compliance issues

15 Jan 2020

Making Tax Digital

Tax | Tax changes to look out for in Budget 2020

Stephen Relf CTA FCA, lead tax writer at Croner-i, casts his expert eye over likely changes to the rules, rates and allowances for taxes for the March Budget

8 Jan 2020

Making Tax Digital

International tax

Tax | Accounting causes stress to micro businesses

Micro businesses spend 10 weeks a year trying to sort out their finances and accounting compliance is one of the most stressful tasks

6 Jan 2020

Making Tax Digital

Financial reporting