Making Tax Digital

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Image for making tax digital timetable and quarterly reporting plans glance

Tax | Making Tax Digital: timetable and quarterly reporting plans at a glance

Following feedback from consultations, HMRC is to modify key elements of the Making Tax Digital (MTD) plans, but is sticking to the April 2018 deadline for the introduction of new quarterly reporting requirements, despite no decision as yet over whether to go ahead with the £10,000 exemption threshold for small businesses

1 Feb 2017

Making Tax Digital

Image for making tax digital vat returns be replaced 2019

Tax | Making Tax Digital: VAT returns to be replaced from 2019

The overhaul of the tax reporting system under Making Tax Digital will see the abolition of the VAT return for certain businesses from 2019, including VAT-registered self employed and landlords

31 Jan 2017

Making Tax Digital

Image for making tax digital spreadsheets survive software path outlined

Tax | Making Tax Digital: spreadsheets survive as software path is outlined

Spreadsheets will be incorporated into the Making Tax Digital process, HMRC has confirmed, as it published extensive consultation responses and draft legislation for the project’s implementation

31 Jan 2017

Making Tax Digital

Image for making tax digital partnerships must nominate partner report

Tax | Making Tax Digital: partnerships must nominate partner to report

Some 400,000 partnerships will report their tax positions and obligations through a nominated partner under HMRC’s Making Tax Digital project, draft legislation shows, although the largest partnerships with income over £10m are likely to be exempted

31 Jan 2017

Making Tax Digital

Image for making tax digital quarterly reporting will cost businesses ps500m

Tax | Making Tax Digital: quarterly reporting will cost businesses £500m

The transition to Making Tax Digital (MTD) is likely to cost businesses, landlords and the self employed around £500m in the year of rollout (2018-19), with the first year of quarterly reporting likely to cost each business £280 on average

31 Jan 2017

Making Tax Digital

Image for making tax digital voluntary payg repayments must be quick

Tax | Making Tax Digital: voluntary PAYG repayments must be quick

Taxpayers interested in opting for a voluntary pay as you go (PAYG) approach as part of Making Tax Digital plans, allowing them to make payments at a point of their choosing towards an expected tax liability, are calling for HMRC to ensure the repayments are handled quickly and with ease

31 Jan 2017

Making Tax Digital

Image for making tax digital quarterly reporting requirements landlords and self employed

Tax | Making Tax Digital: quarterly reporting requirements for landlords and self employed

HMRC has confirmed the timetable for the rollout of quarterly reporting and a year end reconciliation under Making Tax Digital with the first tranche of taxpayers, including buy-to-let landlords and the self employed, set to kick in from April 2018

31 Jan 2017

Making Tax Digital

Image for making tax digital ps150k cash basis threshold introduced buy let landlords

Tax | Making Tax Digital: £150k cash basis threshold introduced for buy-to-let landlords

The cash basis threshold has been set at £150,000 to allow more buy-to-let landlords to benefit from being taxed on the cash basis set out in draft legislation released as part of HMRC’s Making Tax Digital plans

31 Jan 2017

Making Tax Digital

Law and Regulation

Image for breaking making tax digital reporting start april 2018

Tax | BREAKING: Making Tax Digital reporting to start in April 2018

HMRC’s Making Tax Digital reporting plans are to go ahead as planned with an April 2018 launch for quarterly updating and reporting for sole traders and buy-to-let landlords, with a major pilot starting this April although the exemption threshold remain up for review, reports Sara White

31 Jan 2017

Making Tax Digital

Image for hmrc meet software developers discuss making tax digital rollout

Tax | HMRC to meet software developers to discuss Making Tax Digital rollout

Software developers are meeting with HMRC next Monday to update them on the latest position on the plans and rollout timetable for Making Tax Digital, with a view to finalising the next steps in the run-up to the launch of quarterly reporting for sole traders and buy-to-let landlords

25 Jan 2017

Making Tax Digital

Accountancy Firms

Image for hmrc adds voice recognition digital security features

Tax | HMRC adds voice recognition to digital security features

HMRC is to add voice recognition to its options for taxpayers to confirm their identity to access its services, with the addition designed to speed up the security process

18 Jan 2017

Making Tax Digital

Image for buy let taxation quarterly reporting landlords part 2

Tax | Buy-to-let taxation: quarterly reporting for landlords - part 2

In part two of our exclusive series on buy-to-let taxation, Cathy Corns, corporate tax partner at Mercer & Hole outlines HMRC's quarterly tax reporting requirement for landlords as part of Making Tax Digital, which is set to come into force from April 2018

17 Jan 2017

Making Tax Digital

Image for hmrc plans year long making tax digital pilot

Tax | HMRC plans ‘year-long’ Making Tax Digital pilot

HMRC has confirmed plans to undertake a year-long pilot of Making Tax Digital for ‘hundreds of thousands’ of taxpayers following criticism at the hands of MPs in the Treasury Committee

16 Jan 2017

Making Tax Digital

Image for five year tax break digital cable suppliers

Tax | Five-year tax break for digital cable suppliers

Telecoms network suppliers are to be offered a £60m tax break for creating new infrastructure for full fibre broadband, as part of the government’s plans to boost the UK’s digital revolution and switch to online services

16 Jan 2017

Making Tax Digital

Image for breaking mps call immediate delay making tax digital

Tax | BREAKING: MPs call for immediate delay to Making Tax Digital

HMRC's Making Tax Digital programme has the potential to be an expensive disaster unless plans for the national rollout are delayed, according to MPs in the Treasury Committee, who are calling for a one to two year delay to the introduction of quarterly reporting, which is being rushed through to meet a 2018 kickoff date

16 Jan 2017

Making Tax Digital

Accountancy Firms

Image for bull big hmrc not necessarily better

Tax | Bull: Big HMRC is not necessarily better

The motives behind HMRC's modernisation project remain unclear and could risk damaging its service before it improves it, warns RSM senior tax partner George Bull

13 Jan 2017

Making Tax Digital

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