Making Tax Digital
Government proposals for HMRC to Make Tax Digital by the year 2020 will have a substantial impact on the way businesses manage their accounts. Some of the changes for personal tax have already taken effect, such as the provision for every individual taxpayer to have access to their own digital account, but the next three years will also see drastic changes to the way businesses approach their record keeping.
The focus of Making Tax Digital (MTD) is to bring an end to the tax return. The proposals have been met with unprecedented uncertainty with questions arising around the exact requirements, the implementation timetable and who they are likely to effect. As a result, this section of the website is devoted entirely to the latest on MTD.
Please find below all the latest information on MTD and what to expect.
If you have any queries, particularly if your business is in the property sector, please get in touch as soon as possible to determine the best course of action for your MTD planning.
MTD: LATEST NEWS
Making Tax Digital Registration Reform
In July 2020, the government published a 10-year strategy to build a trusted, modern tax administration system, including how taxpayers are identified and registered by HMRC. The government is seeking views on how and when taxpayers with new ...
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Making Tax Digital ITSA Delay
Making Tax Digital ITSA (Income Tax Self Assessment) mandation has been delayed again until April 2024. HMRC is nudging taxpayers again with letters about discrepancies between PAYE and benefits reported under RTI, and the details shown on ...
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Latest MTD for VAT
Latest MTD for VAT HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the latest MTD for VAT rules, businesses with a taxable turnover above ...
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MTD for VAT
MTD for VAT HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT ...
Read moreMaking Tax Digital for VAT: Start date looming
Making Tax Digital for VAT: Start date looming Making Tax Digital update: The Financial Secretary to the Treasury, Mel Stride, has made a statement to the House of Commons setting out HMRC’s progress on delivery of Making Tax Digital ...
Read moreMTD for VAT: Pilot extended to all eligible businesses
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 ...
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MTD warning: SMEs ‘could pay heavy price’
MTD warning: Small businesses ‘could pay heavy price’ for MTD, committee warns The Economic Affairs Committee has issued an MTD warning to HMRC, stating that small businesses ‘could pay a heavy price’ for Making Tax Digital ...
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Making Tax Digital for VAT public pilot opens
Making Tax Digital for VAT public pilot opens and deferral for some businesses HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex ...
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Making Tax Digital for VAT – software suppliers
Making Tax Digital for VAT – software suppliers HMRC is working with more than 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019. From 1 April 2019, businesses ...
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Making tax digital delayed further, apart from vat reporting
Making Tax Digital for business delayed further, apart from vat reporting HMRC have confirmed that no further MTD for business changes will be brought in before 2020 at the earliest. The Treasury set out its revised priorities for current ...
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Want to join the Making Tax Digital VAT pilot?
HMRC have announced that they are looking for suitable businesses to sign up for the pilot testing of the new Making Tax Digital system of reporting for VAT information. Turkeys voting for Christmas springs to mind? After a period of ...
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Does your accounts system comply with MTD for VAT?
Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally. On 18 December 2017, HMRC published draft legislation together with examples of how the ...
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MTDfB: Aren’t we already reporting VAT online?
Last month we reported that the government had announced the delay of Making Tax Digital for Business (MTDfB) to 2020 at the earliest but that quarterly VAT reporting, using the new system will be mandatory from 2019. Surely we are doing that ...
Read moreMaking Tax Digital for business delayed
The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital for Business to 2020 at the earliest. Quarterly VAT reporting using the new system will be mandatory from ...
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Making Tax Digital (MTD) – July Update
Making Tax Digital (MTD) – July Update On the 13th July Ministers confirmed a new timetable for Making Tax Digital (MTD). From April 2019 businesses with a turnover above the VAT threshold (currently £85,000) will need to keep Digital ...
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Snap election means shorter finance act passed
The original Finance Bill published after the Spring Budget ran to nearly 700 pages. As a result of the announcement of the General Election on 8th June a significantly shorter Finance Bill was passed with many of the more detailed and more ...
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Changing your accounting date can also delay the start of digital reporting
Another way of delaying the start of Making Tax Digital (MTD) would be to change the year end of your business. The legislation in the latest Finance Bill specifies that MTD will apply to accounting periods commencing on or after 6 April ...
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