Articles Tagged ‘Making Tax Digital’

How Xero can help landlords with Making Tax Digital

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With the switch to Making Tax Digital (MTD) only months away, as a property investor or landlord you should be keeping an eye on future developments. It is an ideal time to move your accounting online and prepare yourself for the tax changes ahead.

Let us help you make tax digital with Xero

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For businesses over the VAT threshold, HMRC’s Making Tax Digital (MTD) scheme is due to go live early next year (but won't come into effect until at least 2020 for those who are not VAT registered). 

It might seem like a long way off, but it'll be here before you realise and that's why you should start implementing systems now which will stand you in good stead for when the deadline for MTD affects your business.

Making Tax Digital for barristers and chambers

Barrister Chambers

In less than a year, HMRC will be introducing the Making Tax Digital (MTD) scheme to modernise the tax system, making it “more effective, more efficient and easier for customers to comply”.

The first phase will require businesses over the VAT threshold to keep digital records for VAT purposes and submit quarterly submissions from 2019. As barristers qualify as businesses they will be expected to comply with the new scheme.

Businesses under the VAT threshold will not be asked to make the switch to MTD and update HMRC quarterly for any other taxes, until at least 2020. 

Find out how this will affect your accounts and taxation.

Making Tax Digital launch date delayed

 

HMRC has announced significant changes to the Making Tax Digital (MTD) scheme, giving many businesses longer to implement the changes.

The new digitised tax scheme which was originally due to go live from April 2018 has now been delayed until 2020 at the earliest for all taxes other than VAT. 

Making Tax Digital: Get yourself prepared

In a recent report by HMRC, seven out of ten small businesses are uncertainabout Making Tax Digital and what is means for them. 

Despite originally being pencilled in for April 2018, HMRC’s Making Tax Digital (MTD) Scheme isn’t due to go live now until 2019 for businesses over the VAT threshold and then not until at least 2020 for those who are not VAT registered.

This seems to offer plenty of time to implement the changes. However, as every business owner knows, time flies, so it’s best to prepare yourself as soon as possible. 

Here’s what you need to know to get yourself ready for MTD.

MTD for VAT - is your accounts package up to it?

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The government has made it clear that, despite initial trepidation from small business owners and sole traders, it is not about to backtrack on its plans for Making Tax Digital (MTD).

MTD is a key part of the government’s plans which it says will make it easier for individuals and businesses to get their tax right and keep on top of their affairs - meaning the end of the annual tax return for millions.

The first tranche of this roll-out will see all VAT information being submitted digitally from April 2019. A year goes very quickly in business, so we can start helping business owners straight away

The Autumn Budget 2017

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Philip Hammond’s first Autumn Budget, which replaced the Autumn Statement, focused on positives such as job creation, help for first time buyers and a boost to R&D. 

The Chancellor also announced a series of tax measures that will have implications for individuals and businesses. 

So, what were the key points in the Autumn 2017 Budget?

The Autumn Budget Statement 2018: An overview

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Philip Hammond’s second Autumn Budget, took place amongst the uncertainty of Brexit, yet had some positives for taxpayers and signalled the first signs of an end to the 'era of austerity'.

The Chancellor announced a series of tax measures that will have mixed implications for individuals and businesses. 

How will the Autumn 2018 Budget affect you and your business? 

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