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Committee Warns Small Businesses ‘Could Pay Heavy Price’ For MTD And Latest ‘Encouragement Letters’

14th December 2018 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, Making Tax Digital, Making Tax Digital
Committee Warns Small Businesses ‘Could Pay Heavy Price’ For MTD And Latest ‘Encouragement Letters’

The Economic Affairs Committee has warned HMRC that small businesses ‘could pay a heavy price’ for Making Tax Digital for VAT (MTDfV). The Committee stated that HMRC has ‘failed to adequately support small businesses’ ahead of the introduction of MTDfV. MTDfV is generally set to come into effect for the from 1 April 2019 for businesses which have a taxable turnover above the Read the full article…


Making Tax Digital – Pilot Update

27th November 2018 | Written by In Accountancy | Categories : Accounts, Business, HMRC, Limited Companies, Making Tax Digital, Making Tax Digital, News, Tax
Making Tax Digital – Pilot Update

Making Tax Digital for VAT (MTDfV) is still the hot topic of the moment (aside of course from Brexit madness!), and while there has been some speculation that, under the influence of the House of Lords, roll out of MTDfV may be delayed April 2020, other evidence suggests that this is highly unlikely. HMRC has now begun writing to businesses Read the full article…


Making Tax Digital for VAT Public Pilot Opens and Deferral for Some Businesses

24th November 2018 | Written by In Accountancy | Categories : Business, HMRC, Limited Companies, Making Tax Digital, News
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 requirements will be deferred from being subject to MTD for six months. Essentially, the public pilot is now open to sole traders and companies using standard VAT accounting. This applies whether returns are done monthly or Read the full article…


Autumn Budget 2018 set for Monday 29 October

13th October 2018 | Written by In Accountancy | Categories : Budget, Business, HMRC, Making Tax Digital, News
Autumn Budget 2018 set for Monday 29 October

The Chancellor of the Exchequer, Philip Hammond, has announced that the Autumn Budget 2018 will take place on Monday 29 October. Breaking with the tradition of a Wednesday in November, perhaps in a bid to avoid the ongoing Brexit negotiations, the government is expected to set out its plans ‘to build a stronger, more prosperous economy, building on the recent Read the full article…


Software Suppliers – Making Tax Digital for VAT

28th September 2018 | Written by In Accountancy | Categories : Business, HMRC, Limited Companies, Making Tax Digital, News
Software Suppliers – Making Tax Digital for VAT

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 will be mandated to use the MTDfB system to meet their VAT obligations under MTDfV. Only businesses with a taxable turnover above the VAT threshold (currently £85,000) Read the full article…


Making Tax Digital – What do you need to do?

24th September 2018 | Written by In Accountancy | Categories : Business, HMRC, Limited Companies, Making Tax Digital
Making Tax Digital – What do you need to do?

Making Tax Digital comes into play from April 2019, and it would appear that many businesses, and HMRC themselves are very unprepared. From April 2019, those companies for whom Making Tax Digital (MTD) applies, no longer be able to file paper VAT returns, nor will they be able to calculate their VAT position manually and simply enter the ‘Box’ figures via HMRC’s Read the full article…


No Deal Brexit? Read on if your business trades with the EU

21st September 2018 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, Limited Companies, Making Tax Digital, News
No Deal Brexit? Read on if your business trades with the EU

A No Deal Brexit seems more likely today than yesterday it would appear, but what does that really mean for businesses trading with the EU? The ICAEW (Institute of Chartered Accountants of England and Wales)  tells us HMRC has begun writing to all VAT-registered businesses in the UK that currently only trade within the EU in order to inform and Read the full article…


Making Tax Digital for VAT

6th August 2018 | Written by In Accountancy | Categories : Making Tax Digital, News
Making Tax Digital for VAT

HMRC provide more information on Making Tax Digital for VAT HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) Read the full article…


Making Tax Digital for VAT from April 2019

7th April 2018 | Written by In Accountancy | Categories : Making Tax Digital, News
Making Tax Digital for VAT from April 2019

Digital VAT returns will be required this time next year The regulations to bring into force Making Tax Digital for VAT (MTDfV) are now law, and digital VAT returns will be required from 1 April 2019. MTDfV is the first phase of HMRC’s landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital Read the full article…