This is considered an out of date browser. This website has been developed with modern browsers in mind to allow it to display at its best in a wide variety of viewing situations - including mobile viewing. But we haven't supported older browsers like IE8. Please upgrade to the latest version of Internet Explorer - or try Mozilla Firefox or Google Chrome. Both are excellent browsers.
The Making Tax Digital pilot for Self Employed businesses launched in March which will progress in a few years’ time as a new form of tax administration that will me mandatory for any individual, business or non-profit organisation that has to file a tax return.
Making Tax Digital (or MTD as it is becoming widely known) is the core of HMRC’s plan to become one of the most digitally advanced tax administrations in the world. They are working with software providers to allow you to automatically update your tax account and submit information to HMRC. Paper accounting will become completely superseded as the legislation comes into force in stages as follows:
April 2019 – Businesses and individuals above the Vat threshold will be required to set up a digital tax account and file returns online for VAT purposes.
April 2020 – Vat registered businesses with turnover less than £85,000.
After April 2020 MTD will become compulsory for anyone who files a tax return.
The purpose of MTD is for business owners to improve their efficiency, effectiveness and make it easier to stay compliant with the Tax Office.
Benefits of MTD include:
Review all of your information with your personal digital tax account with ease.
More efficient submission of information to HMRC and online payments.
Accuracy in reporting, making less errors which means more accurate payments making it less likely to experience checks and audits.
A live up-to-date picture of your finances and the tax you owe.
Do you want to come in to the pilot scheme with us? Ensure you’re ready for the transition well before MTD becomes compulsory!
What you need to know when your Company is Dormant...
A dormant company is not accountable for corporation tax purposes. There is no need to let Companies House know that you...
Do you know your Sence Alphabet? Annual Accounts Bookkeeping Compliant Digital ...
VAT on hotel deposits
When you book a stay at a hotel for business use you usually have to put a deposit down at the time of booking, however,...
Is it a Car or is it a Van?
The argument about whether a vehicle is a company car or van is back. It’s the differential in tax payable on company ...
Teachers to have loans reimbursed
The government have now published details of how teachers in shortage subjects in certain parts of the country will be a...
Tax and Paid Carers
When you foster children your local council will give you payments. HMRC treats paid foster and other carers as running ...
Can a director be paid before trade begins?
New Companies often incur start-up costs before they begin trading. But… is it sensible from a tax and NI point of vie...
Vat when incorporating your business
The motive for incorporating a business, that is working through a company instead of being self-employed or in partners...
The daunting task of filling in forms and returning e-mails have been made so easy
Julie & Nigel Staley
Uncle Bunt's Leics Limited