This blog post offers a practical guide to Making Tax Digital (MTD) and its implications for VAT-registered businesses in the UK. It outlines essential steps for compliance, including registration, choosing MTD-compatible software, maintaining digital records, and timely filing of VAT returns. With insights from Ward Williams, the article emphasises the importance of embracing MTD as an opportunity to enhance efficiency and accuracy in tax reporting. If you have questions or need assistance, the team at Ward Williams is ready to support you through this digital transformation.

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The Government has announced that making tax digital for income tax (MTD ITSA) for the self-employed and landlords will be delayed until April 2026. The new timetable provides that a person will be required to use MTD for IT if they are self-employed or a landlord: from April 2026, if their annual business or property income is more than £50,000; and from April 2027, if th ...

One in four businesses in the UK is finding Making Tax Digital (MTD) an ‘extremely’ or ‘very’ challenging issue, with concerns about the extension of the scheme to income tax. Over a quarter of small and medium-sized enterprise (SME) business owners highlighted compliance with MTD as one of the biggest issues impacting their day-to-day operations, while a growing number of bus ...

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 their own internal processes for managing MTD. Agents and customers are already taking part, and HMRC wants more agents to start signing up a small numb ...

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 ...

MTD: A big change for your business 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 ...

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 ...