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London taxation

Making Tax Digital – Major Changes

There have been major changes to ‘Making Tax Digital’ that were announced by HMRC on 13th July 2017. The scheme was due to go live from April next year however, this has been put back because of feedback that HMRC received. The accounting profession, Parliamentary bodies, businesses and several accounting software providers felt that there was not enough time to get ready.

The new deadlines are as follows: –

  • Businesses above the VAT threshold will have to keep digital records for VAT only from April 2019
  • HMRC will now not need to receive quarterly tax information until at least 2020
  • Small businesses can volunteer to provide details of their other taxes to HMRC

It is important that businesses still get prepared for ‘Making Tax Digital’ during the next year or so to ensure they are ready. Using online software is a key change that all businesses no matter how big or small will have to embrace.

 

If you need further advice about MTD or help in choosing the right software for your business please get in touch by calling 020 3633 1340, emailing us at  or by completing the contact box on our website www.cainandbeer.com.

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Making Tax Digital for Businesses – Will You Be Affected?

The truth is, all businesses, self-employed individuals and landlords will be required by law to start using the digital tax service and it is going to be phased in from 2018. HMRC wants to help businesses to get their tax right and have more clarity of what your tax liability will be.

So, from April 2018 if your turnover is above the VAT threshold (currently £83,000) you will be required to submit details for your PAYE and NIC and a year later if your turnover is below the VAT threshold.

Everyone who is registered for VAT will be affected from April 2019 and from April 2020 if you are liable to pay Corporation Tax you must also make submissions.

If you use the services of a bookkeeper or accountant, they should already be gearing you up for MTD but it makes sound sense to start acting now. Choosing the right cloud based accounting software is something that you should be considering. There are lots of options out there so getting the right software for your business is a very important decision you must make and soon.

If you need further advice about MTD or help in choosing the right software for your business please get in touch by calling 020 3633 1340, emailing us at or by completing the contact box on our website www.cainandbeer.com.

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