Category: BWM Online

HMRC has also begun to write to businesses affected by the deferment announced for ‘complex businesses’ back in October 2018. The correspondence confirmed that around 3.5% of VAT-registered entities will brought into the MTD for VAT regime for periods beginning on and after 1 October 2019 (instead of for VAT periods beginning from 1 April … Continued

HMRC have made this announcement this morning confirming that MTD for VAT is still coming into force from next April for most VAT registered businesses. The introduction of the Making Tax Digital (MTD) service for VAT from April 2019 will be a major step towards HMRC’s ambition to become one of the world’s most digitally … Continued

Leading tax bodies have joined the House of Lords in calls to delay the introduction of Making Tax Digital (MTD) for all taxes, less than three months before it’s due to come into force for VAT. MTD is finally due to commence on 1 April 2019 for VAT-registered businesses with an annual taxable turnover of … Continued

HMRC are writing to around 380,000 businesses over the next two weeks to let them know about MTD for VAT and to advise that single companies, who have annual turnover of £85,000 or more, are now eligible to join the MTD pilot and can start submitting VAT returns under MTD before it become compulsory from … Continued

The government’s Making Tax Digital (MTD) programme means that from April 2019 businesses with annual taxable turnover of more than £85,000 will be required to maintain digital records for VAT and submit quarterly returns alongside the annual tax return. Under the requirements of MTD, any transfer of data between software programs must be carried out … Continued

HMRC has confirmed that digital reporting requirements will be relaxed during the first year of Making Tax Digital (MTD) for VAT-registered businesses. From April 2019, businesses with annual taxable turnover of more than £85,000 will be required to maintain digital records for VAT and submit quarterly returns alongside the annual tax return. Under the requirements … Continued

HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT. VAT Notice 700/22 clarifies that spreadsheets may still be used to keep business records provided that there is bridging software that links to the Government gateway. There will however be a one year … Continued

The government’s flagship Making Tax Digital (MTD) scheme should be delayed until 2020/21 for all taxpayers, according to the British Chambers of Commerce (BCC). VAT-registered businesses with annual turnover of more than £85,000 are due to be the first to go through the transition to digital accounts for reporting VAT only from April 2019. But … Continued

HMRC has delayed rolling out digital services for individuals, such as the simple assessment and dynamic coding changes. The move was announced in an email sent to stakeholders, which confirmed the delay was down to a shift in key priorities driven by the need to free up civil servants for Brexit. Jon Thompson, chief executive … Continued

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