Making Tax Digital is the governments plan to improve reporting and getting tax right. Taxes are submitted digitally to HMRC.
HMRC have announced that making tax digital ITSA has been delayed to April 2024. ITSA is Income Tax Self Assessment. In this article, we will look at the following: What is Making Tax Digital (MTD) Making Tax Digital Deadlines The plans for Income Tax Self Assessment Why the delay? How to comply with MTD What is Making Tax Digital? Making tax digital is part of HMRC’s…
The House of Lords wants to slow down Making Tax Digital (MTD). It is due to be introduced to businesses that are VAT registered from 1st April 2019. It is estimated that without the delay 1.2 million businesses will start MTD from next year. All businesses with an annual turnover of more than £85,000, or expect to go over the threshold within 30 days, are required…
The first phase of making tax digital VAT will come into force from April 2019. HMRC had delayed the date, but they are now working closely with software companies to achieve the new deadline. Making Tax Digital what does it mean for me? If your business has income over £85,000 per year, you must register for VAT. All VAT registered businesses over the threshold must use…
Making tax digital for business will start affecting the smaller businesses which are not registered for VAT. It is expected to commence in April 2019. It is still unclear from HMRC if it will include all small businesses or if very small ones will be excluded. Small companies will have to submit their accounts online to HMRC quarterly, which is in line if you are VAT…