Accountants for Digital Tax
We give Making Tax Digital Advice and can make the move
to digital reporting as stress-free as possible.
HMRC’s vision to digitalise the UK tax system is now well underway. The process started in April 2019 with VAT registered businesses with turnover exceeding the VAT threshold (currently £85,000) being required, from this date, to use commercial software to maintain their VAT records and send their VAT information to HMRC.
From April 2019, businesses need to make VAT returns on a quarterly basis using a ‘designated software package’. This is the first stage in the implementation of the Government’s Making Tax Digital programme, which is intended to take the filing of most taxes online in the coming years.
Many of our clients are already using computer-based accounting packages such as Xero, Sage or Quickbooks as part of our RT Clarity service. These packages will not only future-proof your business in readiness for each new Making Tax Digital requirement in the coming years, they also enable you to share financial information in real time with our team and quickly produce bills and invoices.
Making Tax Digital Advice
Keeping digital records and making quarterly updates will not be made mandatory for taxes other than VAT before April 2020 at the earliest.
This timetable differs drastically from the original system proposed by the Government and restricts the number of businesses immediately affected by the MTD regime.
Nevertheless, businesses do need to be prepared for the gradual implementation of the new digital tax regime.
Contact us today to find out how we can save your business time and money, while making the transition to Making Tax Digital for VAT as stress-free as possible.
- Are you registered for Making Tax Digital yet?
- Making tax digital is live today, yet one million businesses are not registered
- HMRC reveals MTD registration takes seven working days
- Making Tax Digital productivity boost expected to be worth billions to UK SMEs
- Just over half of businesses are prepared for Making Tax Digital
- House of Lords calls for a delay to Making Tax Digital
- Italian e-invoicing requirements make Making Tax Digital look like a walk in the park
- Public pilot of Making Tax Digital for VAT opens
- Should HMRC delay Making Tax Digital for VAT?
- What are the consequences of doing nothing about Making Tax Digital?
- SMEs urged to claim broadband vouchers
- Lords committee warns of “huge under-preparedness” ahead of Making Tax Digital
- Making Tax Digital for VAT pilot launched by HMRC
- HMRC finally launches MTD communications plan and simplified guidance
- Professionals call on Treasury not to lower VAT threshold before MTD and Brexit
- More than two-fifths of small business owners are still unaware of MTD
- Almost half of SME bosses still ‘unaware’ of MTD
- Government Brexit redeployments to delay Making Tax Digital for Individuals
- HMRC to address concerns raised about proposed MTD penalty model
- Making Tax Digital delayed by at least a year for the majority of businesses
- Labour pledges to exclude small businesses from quarterly digital reporting if MTD is reinstated
- Making Tax Digital dropped from Finance Bill ahead of General Election
- Almost half of SMEs think Making Tax Digital will overcomplicate tax, study reveals
- Making Tax Digital: Cash basis accounting for landlords
- HMRC launches digital tax pilots
- HMRC launch MTD pilot for “hundreds of thousands” of businesses
- ‘True costs’ of Making Tax Digital still unclear, says Treasury Committee
- Consultation on late submission penalties for MTD
- Fines of up to £3,000 for failure to comply with Making Tax Digital, says HMRC
- One-year delay to MTD for small businesses ‘not enough’
- HMRC defends Making Tax Digital timescale at House of Lords
- Making Tax Digital faces fresh criticism from House of Lords
- HMRC publishes long-awaited responses to Making Tax Digital consultations
- Only six per cent of self-employed business owners are aware of Making Tax Digital
- 50-page report calls upon Government to delay Making Tax Digital
- Making Tax Digital could lead to “catastrophic collapse” in customer service, say MPs
- Making Tax Digital will put taxpayers at a disadvantage, says ICAEW