HMRC is ‘Making Tax Difficult’ with MTD programme
Posted on Friday, December 8th, 2023
HMRC is ‘Making Tax Difficult’ for taxpayers as Making Tax Digital (MTD) adds to the burdens they face, according to a report by the Public Accounts Committee (PAC). The report says that HMRC has lost sight of... Read Full Article...
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MTD expected to cost £1 billion more than originally forecast
Posted on Monday, July 17th, 2023
A report published by the National Audit Office (NAO) has found that HMRC’s Making Tax Digital (MTD) initiative is expected to cost around £1 billion more than its initial £226 million budget, which was forecast in 2016. MTD... Read Full Article...
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‘Fresh thinking’ needed in regard to MTD for ITSA
Posted on Tuesday, June 20th, 2023
The Institute of Chartered Accountants in England and Wales (ICAEW) has written to HMRC regarding how Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) can be better shaped to suit the needs of small property... Read Full Article...
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MTD for ITSA delayed for two more years
Posted on Tuesday, January 10th, 2023
The Treasury has announced that Making Tax Digital for income tax self assessment (MTD for ITSA) will be delayed for two more years until April 2026. MTD for ITSA was due to take effect from April 2024... Read Full Article...
VAT businesses must be ready for Making Tax Digital filing by November
Posted on Thursday, November 17th, 2022
HMRC is reminding businesses that they will no longer be able to use their existing Value Added Tax (VAT) online account to submit VAT returns from 1 November. By law, all VAT-registered businesses must now sign up to... Read Full Article...
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HMRC releases more details MTD for Income Tax
Posted on Tuesday, September 20th, 2022
HMRC has published more details on how Making Tax Digital for Income Tax (MTD for IT) will work for buy-to-let landlords and sole traders with qualifying income over £10,000. The new income tax framework for MTD for... Read Full Article...
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MTD for income tax pilot extended
Posted on Tuesday, July 19th, 2022
HMRC is extending the pilot for Making Tax Digital for Income Tax Self Assessment (MTD ITSA) to more self-employed workers and landlords. From July, those taking part will be able to test MTD ITSA before April 2024, including... Read Full Article...
ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax
Posted on Friday, April 9th, 2021
In response to HMRC’s consultation on expanding the MTD initiative to corporation tax, the ICAEW suggested that HMRC should reconsider reporting requirements ‘at the very least for businesses below the VAT registration threshold’ and other organisations including... Read Full Article...
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MTD for VAT latest
Posted on Friday, July 5th, 2019
HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must... Read Full Article...
MTD for VAT
Posted on Thursday, April 4th, 2019
HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently... Read Full Article...