Tag: Making Tax Digital

  • Making Tax Digital for Income Tax Self Assessments Delayed!

    The introduction of Making Tax Digital (MTD) for Income Tax Self Assessments will now be delayed! This will now be implemented from April 2026 for businesses, self-employed and landlords with income over £50,000. Those with income between £30,000 and £50,000 will be brought into MTD from April 2027. A review will take place as to…

  • Spring Statement

    Did you catch everything the Chancellor said in his Spring Statement? We know that National Insurance contributions have increased from 6th April, and the rest of the key points are: The Chancellor has not rescinded the increase in NIC and the dividend tax, so most tax bills are going up by 1.25%; He has aligned…

  • Making Tax Digital Regulations

    The new MDT regulations have now been published.  To summarise: Once you have reached your digital start date you have to continue to keep digital records and file these quarterly, regardless of turnover.  Transactions need only be recorded with enough information to meet the quarterly deadline. Recording Cash or Accruals?  The regulations state that digital…

  • Making Tax Digital Webinar

    Many VAT registered businesses are getting ready to submit their first digital VAT return through Making Tax Digital software. If this includes you, find out about Making Tax Digital for VAT with online help and support from HMRC. Join this live webinar, where you’re able to ask questions using the on-screen text box. This webinar…

  • Making Tax Digital for VAT Update: How to Deal with Petty Cash Transactions

    HMRC has published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how businesses should deal with petty cash transactions. Petty cash is traditionally a small amount of cash on hand that covers day to day expenses of a business, such as…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…