Category Archives: Making Tax Digital

Extension of Making Tax Digital for VAT

Making Tax Digital

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 […]

Find out more about Making Tax Digital

Making Tax Digital

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 […]

Making Tax Digital – Key messages for businesses and landlords

Making Tax Digital

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 […]

Changes to the Making Tax Digital VAT GOV.UK pages

Making Tax Digital

HMRC have made some changes to the Making Tax Digital VAT GOV.UK pages. They have been reviewing the MTD for VAT pages – withdrawing some content and adding some new stuff. The major change is that they have split out the agent and business MTD sign up pages. To view the Changes to the Making […]

Important facts about Making Tax Digital

Making Tax Digital

This post contains some important facts about Making Tax Digital.  Businesses and landlords who join Making Tax Digital must keep their business records digitally. They must also send tax information to HMRC directly from those records. VAT Firstly, from 1 April 2019, all VAT-registered businesses with a taxable turnover above the VAT threshold are required […]

The Making Tax Digital Timetable

Making Tax Digital

Making Tax Digital for VAT is open now and businesses are being mandated to use the service this year. Income Tax is also available now on a voluntary basis for the smallest businesses and landlords. See below for the Making Tax Digital Timetable The Making Tax Digital Timetable Date Note April 2019 Firstly, from 1 […]

The Background to Making Tax Digital

Making Tax Digital

Increasingly, businesses and agents see the benefits of digitisation. Consequently, millions are already banking, paying bills and interacting with customers or suppliers online.  Also, many are already using accounting software. The background to Making Tax Digital HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital […]

Introduction to Making Tax Digital

Making Tax Digital

Making Tax Digital for VAT Firstly, If you are the owner of a VAT-registered business, with a taxable turnover above the VAT threshold (£85,000), you have to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software as from April 2019. You can find out here how to get ready for Making […]