Tag Archive: Making Tax Digital
MTD for VAT
The deadline for businesses with a turnover above the VAT threshold to keep digital records and provide regular digital updates to HMRC for VAT purposes using Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep their records… View Article
Best Bookkeeping Software for Making Tax Digital?
From April 2019 HMRC will press on with their ambitious plans to launch Making Tax Digital (MTD). As part of Team UK’s plans to become the global digital leader, businesses are being forced to move to online bookkeeping systems to file financial records starting with VAT filings for businesses with a turnover above the £85,000… View Article
What is Making Tax Digital?
HMRC’s ambitious plans to launch Making Tax Digital (MTD) are laudable. The government and the tax authority have clearly seen the need to move with the times. In fact, HMRC’s stated ambition is to become one of the most digitally advanced and modern tax administrations in the world. MTD will make fundamental changes to the… View Article
MTD and New Points-Based Late Filing Penalties
The idea of introducing points-based changes to the penalty system was first announced at Autumn Budget 2017. Subsequently, a consultation was launched by HMRC to explore potential changes to the penalty system. This was in tandem with the launch of Making Tax Digital (MTD). The government has now decided to adopt a new points based… View Article
Getting Ready For Making Tax Digital
The introduction of Making Tax Digital (MTD) was first announced as part of the March 2015 Budget measures. It will ultimately see HMRC move towards a digital tax system. MTD will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. Businesses and individuals must register, file, pay and update their information using… View Article