Tag Archives: Making Tax Digital

  1. Choosing the Right Accounting Software for Your Business

    So you have decided to take the plunge, you want to follow your dream of becoming a successful business entrepreneur, you have the knowledge of your chosen product, the contacts and the funds to get started, just one thing is getting in your way to becoming the next Peter Jones or Deborah Meaden and that’s…

  2. Making Tax Digital – Be Ready

    The April deadline for Making Tax Digital is rapidly approaching so we all need to be prepared, which includes using a software programme compatible with HMRC. Making Tax Digital will help bring the tax system into the 21st century by providing businesses with a modern, streamlined system to keep their tax records and provide information…

  3. Making Tax Digital: MTD for VAT

    From April 2019 all VAT registered businesses with a taxable turnover above the VAT threshold of £85,000 will be required to: Maintain their accounting records digitally in a software package or on a spreadsheet. Paper records will no longer meet the legal requirements in tax legislation. Submit their VAT returns to HMRC using MTD compatible…

  4. Self-assessments: new points-based penalty system to be introduced by HM Revenue & Customs?

    It looks like HM Revenue & Customs may be introducing some changes to late filing penalties based on proposals put forward for the Finance Bill 2018-19. As the rules currently stand, an automatic £100 penalty is issued for failure to submit a self-assessment tax return on time. These penalties can increase significantly depending on how…

  5. Making Tax Digital or MTD

    You may have heard or seen stories relating to some major changes that have been proposed by the government and H M Revenue and Customs. So what is MTD? It is a bold and innovative initiative to bring the UK tax system up to date for the new digital age, or so ‘they’ say. They…