Category: BWM Online

Comments Off on Selected Businesses Begin Making Tax Digital Testing

Selected Businesses Begin Making Tax Digital Testing

Selected Businesses Begin Making Tax Digital Testing

A number of selected small businesses have begun submitting tax returns under HMRC’s Making Tax Digital (MTD) pilot scheme. The Revenue asked for businesses to step forward and trial the digital process from April 2018. HMRC is monitoring the progress of businesses and sole traders, who have been submitting tax returns to help shape the … Continued

Comments Off on Small Firms Not Ready For Data Protection Shake-Up

Small Firms Not Ready For Data Protection Shake-Up

Small Firms Not Ready For Data Protection Shake-Up

Small businesses are worryingly underprepared with little over a month to go before new data protection regulations are introduced. The Federation of Small Businesses (FSB) claims 33% of SMEs have not started preparing for the EU-wide General Data Protection Regulation, which takes effect on 25 May 2018. A similar number (35%) have only recently started … Continued

Comments Off on Most Small Businesses are not ready for Digital Accounts

Most Small Businesses are not ready for Digital Accounts

Most Small Businesses are not ready for Digital Accounts

The overwhelming majority of business owners and landlords remain in the dark over making tax digital (MTD), government research shows. Ipsos Mori polled 2,900 small businesses and landlords on behalf of HMRC and found that 71% were unaware of the requirement to submit quarterly updates to the taxman. A further 13% had heard of the … Continued

Comments Off on Making Tax Digital delayed to 2020 for taxes other than VAT

Making Tax Digital delayed to 2020 for taxes other than VAT

Making Tax Digital delayed to 2020 for taxes other than VAT

The Government has amended their plans for Making Tax Digital (MTD) so that under the reformed timetable only businesses with a turnover above the VAT threshold (£85,000) will have to start filing VAT information with MTD-compatible software from April 2019. In this initial phase of MTD, businesses will not need to provide HMRC with information … Continued