Latest making-tax-digital

2nd April 2020 COVID-19: HMRC Delays MTD ‘Digital links requirement’ until 1 April 2021

In light of the Covid-19 pandemic presenting unprecedented challenges for everyone, HMRC has announced a one year deferment to the requirement to digitally link separate software programmes when preparing your VAT return. The soft landing period of MTD (Making Tax Digital) had originally been in place for businesses to make a manual transfer – this…

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6th March 2020 Making Tax Digital – Soft Landing Period Ending Soon

Have you been waiting for the soft-landing period to expire before worrying about your MTD for VAT software? VAT registered businesses in the UK with taxable turnover above £85,000 – are due to come out of soft landing effective from their first VAT return period starting on or after April 1st 2020.   HMRC have allowed…

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7th June 2019 Making Tax Digital – when you need to sign up and what you’ll need

We are now two months past the start date of the 1st April 2019 for Making Tax Digital for VAT and into the last month of what will be some businesses first VAT quarter under Making Tax Digital. Some businesses may not be aware that even though they may be on MTD compliant software that…

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24th May 2019 Making Tax Digital for VAT: Supplier statements now acceptable

In a welcome about turn, HMRC has changed its controversial policy on the recording of purchase invoices under Making Tax Digital for VAT. This will mean a huge time-saving for many businesses using the cash accounting scheme.   Under the cash accounting scheme, input tax is only claimed when payments are made to suppliers, and…

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9th April 2019 Digital Records for VAT – HMRC Guidance published

  From 1 April 2019, most businesses with a taxable turnover above £85,000 are required to follow the rules for Making Tax Digital for VAT.  As a result, HMRC has published new guidance on record keeping, which  explains what records a business needs to keep digitally if it has signed up for Making Tax Digital…

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7th March 2019 How to submit a VAT Return using Sage

Submitting a VAT Return using Sage is a simple process, however before you can do this you need the correct log in details to do so.  These log in details are commonly known as a Government Gateway ID. As a Sage user that is not currently using Sage to submit your VAT returns, you will…

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6th March 2019 Making Tax Digital – Full steam ahead

  Despite calls from some to put a further delay to Making Tax Digital, on 19th February 2019 with less than 40 days to go Mel Stride MP Financial Secretary to the Treasury updated the House of Commons on HMRC’s progress on delivering MTD for VAT. The government are pressing ahead with the April 2019…

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7th February 2019 MTD for VAT – pilot extended to all eligible businesses

  HMRC has extended its Making Tax Digital for VAT (MTDfV) pilot scheme to all eligible businesses. For most businesses, compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. However, MTDfV for some ‘more complex’ businesses has been deferred until 1 October 2019. This deferral applies to:…

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1st February 2019 MTD for VAT: Which Bridging Software?

As we approach the 1 April 2019 deadline for the introduction of MTD compliant VAT submissions, many businesses will at last be focusing on what solution they should adopt.   If their current bookkeeping system does not already have an upgrade that automatically provides this new functionality, they will be considering adopting ‘bridging software’.   Looking through…

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13th January 2019 5 things you need to know about Making Tax Digital

  Making Tax Digital (MTD) is the hot topic this year. It’s one of the most fundamental changes to the UK tax system since the introduction of self-assessment. From April 2019, VAT registered businesses with a turnover of over £85,000 will be required to keep records using software approved by HMRC.  We have condensed the…

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