Making Tax Digital: quarterly update returns
HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD ITSA) as announced in the Autumn Statement 2023.
MTD for income tax is nearly here. Get ready for MTD!
Making Tax Digital (MTD) is moving along at place, taking effect for income tax for many from April 2024. What else is on the horizon for business and what can you do to get ready for MTD?
Record keeping | Why it’s essential for your business
Whether you’re self-employed or running a large company, good record keeping is vital. In this blog we’ll set out the main records you need to keep, the advantages of good record keeping, and some tips for improving your system.
Getting ready for the MTD extensions
Making Tax Digital (MTD) originally came into force from April 2019 in a bid to transform tax administration. There are now extensions to MTD being introduced which may affect those that are not currently required to follow the MTD rules.
MTD for VAT: crunch time
Most VAT registered businesses were required to comply with the making tax digital (MTD) regulations for VAT periods beginning on or after 1 April 2019. HMRC has not been imposing penalties for non-compliance with those rules, preferring to nudge businesses with...
SME’s with legacy IT systems have been given a further year to comply with complex new digital tax rules
HM Revenue and Customs (HMRC) introduced the new Making Tax Digital (MTD) programme in April 2019. Since then, most self-employed people and business owners with a turnover above the £85,000 VAT threshold have been forced to file their returns online using specialised software.