Articles Tagged ‘MTD’

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.

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

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