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 […]
17
Feb
Feb
With horizontal hail and gale force winds Storm Ciara has provided me with a timely reminder of why I decided to build a gym. I could probably soldier on in the shed but it’s pretty rubbish on days like today. Not only does it rain and snow inside but simply getting to it results in […]
03
Feb
Feb
So I decided to build a gym. For around 5 years I’ve trained in a shed I built around 10 years ago. And it’s been ok and to be fair I’ve made pretty good progress. But it leaks. So it gets wet. And cold. And sometimes it snows. Inside. And that doesn’t bother me. At […]
20
Jan
Jan
Self Assessment Deadline The Self Assessment deadline is the 31st of January 2020 for the tax year 2018/19. Many people find completing their self assessment tax return daunting and time consuming. Some 700,000 failed to submit it to HMRC by the on-line Self Assessment deadline (31st January) in 2019. Make Sure you are not […]
13
Jan
Jan
Happy new Year It’s a new year. And I, for one, am really looking forward to it. Last year was a really busy one. Like, crazy busy. Aside from my day job as an Accountant there was lots of work to do. Part of that was my own fault. Apart from all the home maintenance […]
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 […]
19
Dec
Dec
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 […]
26
Sep
Sep
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 […]
01
Jul
Jul
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 […]
07
Jun
Jun
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 […]
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