Making Tax Digital

Making Tax Digital Is Coming

Are you ready for the Making Tax Digital (MTD) revolution that will affect your business from 1 April 2019?

So What’s Changing on 1 April 2019?
As a VAT registered business with a turnover in excess of the VAT threshold, currently £85,000 a year, from 1 April 2019 you will be required to keep business accounting records in an electronic format and submit future VAT returns electronically using connected software.  The option to use the Government Gateway for submitting VAT returns will cease.

 

This is just the first step towards the Treasury-driven implementation of MTD.  Subsequently, you will be required to submit quarterly returns of ‘real time’ business accounts information as well.  This will effectively be the delivery of Quarterly Accounts to HMRC in addition to final Annual Accounts, and will require up-to-date electronic accounting information to be available throughout the year.

 

Act Now, We Want to Help
To make these reporting changes as smooth and painless as possible, we want to assist you and your business to transition from existing bookkeeping and accounting processes to digital connected accounting software.  Acting now will ensure everything is in place, tried and tested all in good time.

 

Read our latest blogs and keep up with the most recent developments as well as our newsletters and events created to keep you up to date with the MTD journey.

 

Our latest Making Tax Digital Newsletters can be found below –

 

Issue 1 – Making Tax Digital… are you prepared?

Issue 2 – MTD – Making Tax Digital or Making Tax Difficult?

Issue 3 – Making Tax Digital … on hold for new Parliament

Issue 4 – Making Tax Digital… a reminder

September 2017 – MTD Leaflet

 

   



 
Latest Blogs in Making Tax Digital
 
Stephen Malkin
27th Oct 2016 HMRC MTD Consultation

Making Tax Digital: Prepare or man the barricades! HM Revenue & Customs have just published their second webinar on their Making Tax Digital (MTD) project, including a plethora of questions and answers. While the tone was very touchy-feely, as the presenters talked about the HMRC’s “customers”, the underlying iron fist could clearly be sensed: Yes,…

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Richard Alecock
20th Oct 2016 HMRC Consultation Update

Making Tax Digital: 6 tax returns required each year! HMRC’s 6 Making Tax Digital consultation documents have been open for review and comment for several weeks now. As time has passed, it has become ever more apparent that there are enormous changes ahead for all taxpayers affected; initially the self-employed and landlords. Further review of the documents…

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Richard Alecock
4th Oct 2016 MTD Progress Report

Making Tax Digital: Are you prepared? As HMRC further consults over their 4 year plan to digitise the tax system, our Tax Group briefs clients on some of the issues: Autumn 2016 Update

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Richard Alecock
31st Aug 2016 New Tax Administration Systems

Making Tax Digital (MTD) and BREXIT: Calls for more exemptions. The MTD consultation documents issued by HMRC on 15th August included an exemption from the proposals for quarterly digital reporting for small businesses and landlords with income below £10,000. This has prompted calls from interested parties for further concessions including an increase in the exemption…

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Richard Alecock
19th Aug 2016 Making Tax Digital – Property Investors

Small Buy-to-let Landlords: HMRC offers simplified tax rules. HMRC’s 12-week consultation into Making Tax Digital (MTD) published 15th August focuses on one of the measures aimed at simplifying the tax rules for unincorporated property businesses, giving landlords the choice to use the simplified cash basis, currently only available to some unincorporated traders. Landlords with annual business income below £10,000 will not be required to keep their business records digitally or provide quarterly updates to HMRC, but they will still be able to use the optional cash basis. Through using the cash basis, the move towards quarterly updates required by MTD would become more straightforward, giving landlords additional flexibility.

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Richard Alecock
11th Jul 2016 Making Tax Digital

Landlords: Get ready for submitting 4 tax returns a year? H M Revenue & Customs will be implementing ‘ Making Tax Digital’ over the coming few years. Their aim is for ‘most’ landlords to be reporting their income each quarter via their digital tax account rather than after the end of the tax year on a tax return.

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