Just over half of businesses are prepared for Making Tax Digital
A new study into preparations for Making Tax Digital amongst businesses has found that only 57 per cent of firms are ready to comply with the new regime by 1 April 2019. Despite the various delays and changes to the
Read more...MTD for VAT clarified in new communication from HMRC
HM Revenue & Customs (HMRC) has finally issued a new notice on Making Tax Digital for VAT in which it has clarified many of the questions that businesses had. VAT notice 700/22: Making Tax Digital for VAT has been created
Read more...Professionals call on Treasury not to lower VAT threshold before MTD and Brexit
The Low Incomes Tax Reform Group (LITRG) of the Chartered Institute of Taxation (CIOT) has called on the Treasury to resist pressure to reduce the VAT threshold from its current £85,000 until after the implementation of Making Tax Digital (MTD)
Read more...More than two-fifths of small business owners are still unaware of MTD
According to a new study, Making Tax Digital (MTD) is currently one of the biggest concerns for VAT-registered small business owners. The research, prepared by Intuit QuickBooks, found that more than three-quarters of SME owners found the legislation challenging and
Read more...Government Brexit redeployments to delay Making Tax Digital for Individuals
A number of key projects at HM Revenue & Customs (HMRC) have been placed on hold to make staff available for Brexit issues, including Making Tax Digital for Individuals. The simple assessment rollout and real-time tax code changes, both part
Read more...Making Tax Digital delayed by at least a year for the majority of businesses
The Government has announced that it plans to delay the full implementation of digital taxation until 2020. Making Tax Digital (MTD), the details of which will be included in the upcoming Finance Bill for 2017, has already faced a number
Read more...Making Tax Digital: Update on government plans due in January
Despite being perhaps the most significant change to the UK tax system in decades, Making Tax Digital (MTD) did not receive a single mention from the Chancellor in the Autumn Statement. But the policy was referenced in the supporting documents,
Read more...Government will respond to Making Tax Digital consultations in January 2017
Chancellor Philip Hammond has been widely criticised for failing to shed any further light on Making Tax Digital (MTD) during his Autumn Statement announcements. But a closer look at the documents made public on 23 November reveals that the Government
Read more...Businesses able to submit ‘voluntary’ tax payments under HMRC’s ‘PAYG’ proposals
Sole traders, landlords and unincorporated businesses will be able to submit ‘voluntary’ tax payments towards unexpected tax liabilities, under new proposals from HM Revenue & Customs (HMRC). The news coincides with the publication of six consultation documents on Making Tax
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