Making Tax Digital (MTD) Archives - Page 4 of 5

Oct 10 2019

Potts & Co Accountants Ltd - Accountancy & Business Advice

How to Avoid a VAT Penalty

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

When a business submits its VAT returns or VAT payments late, whether via MTD software or the old HMRC website, the business will enter the VAT penalty surcharge system. Small businesses with a turnover of less than £150,000 get one free pass, so will receive an advice letter from HMRC…

Jun 14 2019

MTD: Avoid Muddles

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News

If you believe the adverts, accounting software is really easy to operate - but that depends on it being set-up correctly. When you use new software to submit VAT returns under MTD it must be configured for the particular circumstances of your business, for example: • are you using the…

Mar 08 2019

MTD Facts & Fiction

By admin Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

Your VAT software does not have to be cloud based and you do not need to keep your entire VAT accounting system on one software program. All VAT registered businesses with annual taxable turnover exceeding £85,000 must comply with the making tax digital (MTD) rules for VAT periods beginning on…

Nov 12 2018

Making Tax Digital & VAT

By admin Budget Update, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News

There were rumours before the Budget that the VAT registration threshold would be reduced, but the Chancellor has committed to hold it at £85,000 until April 2022. This will provide some certainty to businesses who need to know whether and when they must comply with the Making Tax Digital (MTD)…

Sep 08 2018

Making Tax Digital: What, When & How

By admin HMRC, Making Tax Digital (MTD), VAT

If your business is VAT registered, and the turnover for the last year has exceeded £85,000, you should soon receive a letter from HMRC stating that you must comply with the making tax digital (MTD) rules from April 2019. The MTD regime requires you to keep all records relating to…

Jun 20 2018

Prepare to Digitise VAT

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News

HMRC is pushing ahead with its plans for Making Tax Digital (MTD) for businesses, although some changes concerning non-business income have been put on hold. The first tax returns to be converted to the MTD regime will be VAT returns due for quarters that start on or after 1 April…

Dec 22 2017

Making Tax Digital: VAT First

By admin Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

The objective of the Making Tax Digital (MTD) project is to get businesses to record their accounting transactions digitally through accounting software and to use that software to report summary totals to HMRC each quarter. As VAT-registered businesses already submit VAT returns online, normally quarterly, the Government has decided that…

Dec 01 2017

VAT, MTD & Fraud

By admin Budget Update, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

Registration The UK's VAT registration threshold is the highest in the EU at £85,000; some people argue that it holds back growth as businesses deliberately reduce sales to remain outside the VAT net. This may be true and the Treasury is going to look at how the VAT 'cliff edge'…

Sep 15 2017

Online Filing Of Tax Returns

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News

Your personal tax return for 2016-17 must reach HMRC by midnight on 31 January 2018. Submitting it online is generally the most efficient way to do this. However, this year HMRC's coding of the tax calculation contains a number of errors, which means taxpayers who fall into one of 32…

Sep 14 2017