Is your business compliant with the Making Tax Digital rules?

According to new research, thousands of UK businesses could find themselves under scrutiny from HM Revenue & Customs (HMRC) for failing to follow new rules on keeping digital records.

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Next Steps for Making Tax Digital

Making Tax Digital (MTD) was launched in April 2019 for VAT. Now, hundreds of thousands of VAT-registered businesses who are above the VAT threshold of £85,000 are recording and reporting their accounts digitally to HM Revenue & Customs (HMRC).

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Making tax digital is live today, yet one million businesses are not registered

As of today, UK based businesses that have a taxable turnover above the VAT threshold of £85,000 will be required to switch to the new digital tax service to report earnings and calculate VAT owed.

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HMRC reveals MTD registration takes seven working days

HM Revenue & Customs (HMRC) has warned that registration for Making Tax Digital (MTD) for VAT will take up to seven days to complete and will not be a real-time service.

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Should HMRC delay Making Tax Digital for VAT?

The Lords Economic Affairs Committee says the Government need to listen to small businesses and delay the rollout of Making Tax Digital for VAT programme by at least a year. Recently, the House of Lords’ Economic Affairs Committee has called

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Bringing tax into the 21st century

In a world where everything is done online such as banking, paying bills and shopping, it makes sense for HM Revenue and Customs (HMRC) to bring tax affairs fully into the 21st century.

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Lords committee warns of “huge under-preparedness” ahead of Making Tax Digital

With Making Tax Digital (MTD) for VAT due to be rolled out in less than six months’ time, Lords have warned that there is “overwhelming evidence” indicating that businesses are still “under-prepared.”

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Making Tax Digital for VAT pilot launched by HMRC

HM Revenue & Customs (HMRC) has this week opened a pilot scheme for Making Tax Digital (MTD) for VAT – the first phase of the Government’s digital tax reporting overhaul.

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Almost half of SME bosses still ‘unaware’ of MTD

Almost half (41 per cent) of small business decision-makers are ‘unaware’ of Making Tax Digital (MTD), new research reveals.

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