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The first phase of Making Tax Digital (MTD) will go live from April 2019. It's a hot topic in the tax and accounting industry and for good reason. Follow our Making Tax Digital blog to stay up to date with the latest information.

Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. Download Autumn Budget Report PDF Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally. Don’t forget, we can help to ensure that your accounts are accurate and fully compli ...

April 2022 sees the final phase of Making Tax Digital (MTD) for VAT. But that’s just the tip of the iceberg. MTD for income tax (MTD ITSA) comes next, and implementation is likely to be altogether more challenging. And then there’s corporation tax. MTD basicsMTD requires individuals and businesses to:  keep and preserve certain specific business records digitally, in what i ...

HMRC has published a consultation that outlines plans to implement reporting rules for digital platforms first put forward by the Organisation for Economic Co-operation and Development (OECD). In February 2020, the OECD consulted on proposed rules setting out how digital platforms should collect information about the income of sellers and report it to tax authorities. Under t ...

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them 'fairer and more consistent across taxes'. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA).   The changes will ...

HMRC have proposed that MTD for income tax will be introduced from 6th April 2023 for taxpayers who have gross business or property income over £10,000. The rules will also apply to partnerships and trust with business or property income. Individuals will now be required to keep records electronically (either using a spreadsheet or suitable software) and file quarterly returns ...

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to rethink the requirement for companies to report quarterly under Making Tax Digital for corporation tax (MTD for CT). 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 ...

Making Tax Digital (MTD) is already here for VAT traders who are over the vat registration threshold.  Starting April 2021 all VAT registered traders will have to utilise MTD compatible software to file VAT returns for periods starting on or after 1 April 2022. Businesses are required to keep the VAT record in digital form. Due to changes being made by HMRC in the transition pe ...

There is a wide range of financial support available under the Government’s economic rescue package, but it can be difficult to identify the measures most relevant for your specific circumstances. Ward Williams provide a simple overview of the most common financial issues arising for businesses and individuals affected by COVID-19. For further information please get in touch wi ...

On 21 July, the Treasury set out the next steps in its plan to extend Making Tax Digital (MTD) to all businesses and those taxpayers that file self assessment returns. Currently, businesses above the VAT threshold of £85,000 are required to comply with Making Tax Digital for VAT (MTD for VAT). From April 2022, the initiative will be extended to all VAT-registered businesses i ...

Stay up to date with the latest tax and accounting news prepared by Ward Williams. Read our latest newsletter here: Ward Williams Newsletter June 2019 To receive our latest copy of our news please email sarena.harwood@wardwilliams.co.uk or sign up on our website. We have also prepared newsletters specific to Charities Solicitors & Property Investment & Development. ...