Even if you are able to register for VAT you still may ask ‘how do I sign up to MTD for VAT?’ In this blog post, we’ll break down the steps you need to take. Firstly, it’s important to understand what MTD for VAT entails. Essentially, it’s a government initiative that requires businesses to keep […]
Category Archives: Making Tax Digital
15
Apr
Apr
Because it’s gone a bit quiet now ‘Do I Need to Sign Up to Making Tax Digital?’ isn’t a question I hear anymore. But, with the government’s push towards digitalisation of tax processes, MTD is still an important aspect for businesses and individuals alike. In this blog post, I’ll break down what MTD is, who […]
26
Sep
Sep
Just a Making Tax Digital for VAT reminder that from Tuesday the 1st of November 2022, you will no longer be able to use your existing VAT online account to file your quarterly or monthly VAT returns, if you currently do so. Businesses that file annual VAT returns will still be able to use their […]
27
Jun
Jun
Making Tax Digital for VAT is mandatory for ALL VAT-registered businesses and has been since the 1st of April 2022. Even those under the VAT threshold (currently £85,000) must now comply. This means that all VAT-registered businesses are now required to: keep digital VAT records, and; send VAT returns using MTD-compatible software. Regardless of turnover. […]
27
Sep
Sep
The Government has announced a delay to MTD for Income Tax Self Assessment (ITSA). And with everything that’s going on here in the UK at the moment, I’m sure there won’t be too many people annoyed about that. Bringing Self Assessment into the Making Tax Digital programme remains firmly on the agenda for The Government […]
14
Sep
Sep
The UK Government have recently set out their 10-year plan to modernise tax and the extension of Making Tax Digital is a fundamental part of it. The 10-year strategy is part of the government’s ambition to make progress and lay foundations for further reforms between now and 2030. They believe that now is the right […]
07
Sep
Sep
On the 21st of July the Government published the first draft of the 10-year plan to modernise the tax administration system in the UK and the Making Tax Digital extension is a huge part of it. Yes, Making Tax digital is firmly back on the agenda. Not that it really ever really went away. It’s […]
02
Mar
Mar
The Making Tax Digital for Income Tax pilot is now available on a voluntary basis. Businesses can sign up if they are a sole trader with income from one business and/or are landlords (except those with furnished holiday lettings). If a business that signs up to the pilot has no other income to provide to […]
24
Feb
Feb
As of the 1st of April 2019 VAT-registered businesses with a taxable turnover above the VAT registration threshold (£85,000) need to keep digital VAT records and submit their VAT return to HMRC using Making Tax Digital-compatible software. This was made mandatory for VAT return periods starting on or after 1 April 2019. Taxable turnover includes […]
10
Jan
Jan
When it comes to Making Tax Digital there are some key messages for businesses, other VAT-registered entities and landlords. From 1 April 2019, VAT-registered businesses, with a taxable turnover above the VAT threshold (currently £85,000), are required to keep digital records for VAT and send HMRC returns using MTD-compatible software. You can find out more […]
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