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Software requirements under MTD

2019-09-01T23:07:17+01:00November 22nd, 2018|Categories: Blog, HMRC, MTD|Tags: , , , |

Under HMRC's new Making Tax Digital (MTD) regime, which kicks in for VAT-registered businesses with a taxable turnover in excess of £85,000 from April 2019, businesses will no longer be able to keep manual records. Currently, spreadsheets are commonly used - not only to maintain records, but also to convert the information from accounting software into the VAT return figures. MTD requires spreadsheets to interact directly with software. Overcoming these issues may be challenging. Compatibility MTD requires businesses to maintain relevant information about sales and purchases in an electronic format, using 'functional compatible software'. Compatible software is a software product [...]

HMRC launch MTD campaign

2019-09-01T23:06:09+01:00November 4th, 2018|Categories: Blog, HMRC, MTD|Tags: , , |

According to recent research undertaken by the Institute of Chartered Accountants in England and Wales (ICAEW), over 40% of businesses that will be affected by Making Tax Digital (MTD) for VAT are not yet aware of it. With only six months to go until MTD goes live for some businesses in April 2019, HMRC have only recently launched a major communications campaign to try and build awareness amongst small businesses. The ICAEW survey also shows that although there has been a significant increase in the number of businesses now using accounting software, a quarter of all businesses are still [...]

MAKING TAX DIGITAL

2019-09-01T11:42:23+01:00September 23rd, 2016|Categories: Blog, MTD|Tags: , , |

CONSULTATION OVERVIEW From 2018, the UK will have a digital tax system, which means most businesses, self-employed and landlords will need to use software or an app to keep their records digitally and update HMRC quarterly. This is all part of HMRC’s Making Tax Digital and with six consultations now released, here we review the key points you should be aware of. (If you are a small business or landlord you may be particularly interested in the exemptions section of Consultation One). Consultation One: Bringing business tax into the digital age This consultation focuses on the practicalities of digital [...]