Making Tax Digital (MTD) compatible software will be mandatory for Income Tax Self Assessment taxpayers from April 2026. Self-employed individuals and landlords with earnings over £50,000 will need to keep digital records of income and expenses, and make quarterly updates to HMRC from April 2026. … [Read more...]
Search Results for: making tax digital
Less than one month left to be ready for Making Tax Digital VAT filing
Businesses have less than one month left before they will only be able to use a Making Tax Digital compatible software to keep VAT records and file returns with HMRC. From 1st November, businesses will no longer be able to use their existing VAT online accounts to submit quarterly and monthly … [Read more...]
Less than one week to go before Making Tax Digital for VAT becomes mandatory
Businesses have less than one week remaining before Making Tax Digital becomes mandatory for VAT-registered businesses from 1st April 2022. Making Tax Digital is part of the HMRC's ambitions to digitalise the tax regime, saving businesses time in processing returns and also reducing errors. … [Read more...]
Hallidays financial news bulletin reports on Covid support, rates review and Making Tax Digital
Stockport based accountancy firm Hallidays’ latest financial news and business tips details the latest coronavirus support measures, next steps for Making Tax Digital and a review of business rates system. HMRC outlines Job Retention Bonus criteriaHMRC has outlined the eligibility requirements … [Read more...]
HMRC issue Making Tax Digital Stakeholder Comms Pack
HMRC have provided stakeholders with Making Tax Digital information to support businesses that need to make the transition to digital VAT business record keeping and submission of VAT returns using MTD-compatible software from 1 April 2019. Most VAT-registered businesses with a taxable … [Read more...]
Hallidays Latest Business & Tax Issues including Making Tax Digital
This month's newswire from Hallidays keeps you up to date with the latest business and tax issues including Making Tax Digital and a call for tax on social media businesses. Making Tax Digital for VAT HMRC is phasing in its landmark Making Tax Digital (MTD) regime. Click here for the full story … [Read more...]
Is Cloud Accounting the Solution for Making Tax Digital ?
Following the launch of HMRC's pilot scheme - Making Tax Digital for VAT - could Cloud based digital accounting software play a critical part in business efficiencies and growth? The government is introducing Making Tax Digital to make it easier for businesses to keep on top of their tax affairs … [Read more...]
Making Tax Digital for VAT pilot open for business
A pilot for a new online service, Making Tax Digital for VAT, has been launched this week, with HMRC inviting more than half a million businesses to try it ahead of new rules coming into force in April 2019. Making Tax Digital for VAT will make it easier for businesses to manage their tax and will … [Read more...]
Hallidays Newswire looks at Making Tax Digital
Stockport based Hallidays have published the September edition of their Newswire including HMRC's work with software suppliers in preparation for Making Tax Digital. As part of Making Tax Digital, businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 … [Read more...]
Making Tax digital – are you prepared ?
Tax is going digital, just as sure as Brexit is happening. The first business transactions to be affected by this Making Tax Digital (MTD) revolution will be those relating to VAT. If your business is VAT registered, and your turnover is £85,000 or more per year, you will be required to submit your … [Read more...]
HMRC may delay ‘some parts’ of Making Tax Digital
HMRC have announced that they are prioritising change in the department and as a result some parts of Making Tax Digital - MTD - will be delayed, according to the latest business and tax issues from Hallidays. As the GDPR and P11D deadlines are looming, check out the latest updates below. Changing … [Read more...]
Making Tax Digital Compulsory for VAT in 2019
In 2017, the Financial Secretary to the Treasury and Paymaster General announced that Making Tax Digital for VAT will come into effect from April 2019. Making Tax Digital (MTD) will be compulsory for VAT from April 2019 for businesses with a turnover exceeding the VAT registration threshold … [Read more...]
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