Making Tax Digital
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 digital transformation projects, to make room for the additional demands on its resources of work to upgrade customs systems in
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 testing the new system is scheduled to go live in April 2019 for VAT registered businesses with turnover in excess of
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 business account records might link with the HMRC computer in order to comply with MTD for VAT. The legislation
How to keep track of your accounting online and on your laptop
VAT for SMEs – do you need to register?
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 already you might say. However, currently businesses are only required to complete 9 boxes when they submit
Making 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 2019. In a further U-turn, three million small businesses and buy to let landlords below the VAT threshold will now not
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 records for VAT purposes. Businesses below the VAT threshold will now be exempt from requirements to quarterly reporting until the
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 controversial measures being deferred to a later Bill. Whether those measures will reappear after the election will
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 2018. This means that if you currently prepare accounts to 30 April then the first quarterly update
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