The government has recently confirmed that Making Tax Digital (MTD) will apply to income tax self assessment (ITSA) from 6th April 2024. This includes all unincorporated businesses. This applies to sole traders, partnerships and landlords, who file their taxes via self assessment, and are earning over £10,000. MTD for ITSA Start Date Confirmed On 23 September parliament legislated this new start date for MTD for...
We can expect major tax reform in the new year as we head towards a new economic climate. The Treasury is clamouring to answer how will the government manage the £300bn deficit? Which is forecast for the current fiscal year. As we bear witness to the unfolding financial crisis resulting from the pandemic, tax reform is becoming increasingly necessary. Tax reform could provide the Treasury...
Now is the best time to make sure you are covered by our Tax Enquiry Protection Insurance against an HMRC Investigation. We’ve heard Chancellor Rishi Sunak state in his 2020 Budget that “The government is investing in additional compliance officers and new technology… enabling HMRC to further reduce the tax gap.” Likely with an uptick in tax investigation. Following the outbreak of COVID-19...
Expect the need to do more towards MTD despite postponement.
HMRC’s Making Tax Digital changes are coming and businesses are unprepared for these new changes. According to Accountancy Age, a third of VAT-registered businesses are not even ready for the Making Tax Digital start date. Furthermore, senior sector bodies like the ATT, ICAEW and CIOT have all voiced their concerns regarding the MTD deadline – even going so far as to suggest a possible delay?...
Your digital tax journey shouldn’t necessarily be linked to the Government’s Making Tax Digital (MTD) initiative. You should embrace the digital future and use the disruptive power of digital to help make your digital journey more intuitive and less legislative. For those unaware, MTD was removed from the Finance Bill just before the last General Election and uncertainty due to the current minority Government means...
A little background “Ministers confirm a new timetable for Making Tax Digital ” … An apt understatement from a Government without direction. The new announcement, on July 13th, 2017, stated that “three million of the smallest businesses and landlords will be able to move to the new digital system for keeping tax records at a pace that is right for them.” The delay is a...
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