MTD Archives - Page 3 of 3

Mar 17 2021

Points Mean Penalties

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

HMRC is changing the way taxpayers interact with them in a project called making tax digital (MTD). Most VAT registered businesses are already submitting their VAT returns using MTD-compatible software and unincorporated businesses will have to use MTD software from April 2023. Income tax reporting by unincorporated businesses will be…

Sep 11 2020

Making Tax Digital (MTD)

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

The UK tax system is due an overhaul to streamline and digitalise the administration processes. The transition has already begun: since April 2019 businesses with an annual turnover of over £85,000 must submit VAT returns using MTD-compatible software and keep VAT records in a digital format. From April 2022 these…

Dec 06 2019

MTD Digital Links

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

Making Tax Digital (MTD) for VAT requires you to do two things: • record data concerning your sales and purchases digitally; and • transfer that data via digital links to the MTD-enabled software which is used to submit the VAT return. Many business systems contain pinch points where different software…

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…

Jun 02 2017

Tax reporting is going digital

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

The law to implement the online quarterly reporting of accounts and tax information, known as Making Tax Digital (MTD), was not passed before Parliament was dissolved, but that doesn't mean the project has been scrapped. HMRC is investing a huge amount in the digitisation of the tax system and the…

Mar 27 2017

The digital tax revolution

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

Making Tax Digital (MTD) is coming. Businesses and landlords will be required to submit online a regular summary of income and expenses to HMRC, at least quarterly. The annual tax return will be replaced by a personal digital tax account, which will be updated with information HMRC receives from third…

Mar 10 2017

Revised cash basis

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

Reporting income and expenses under MTD will be easier for businesses who draw up their accounts using the cash basis. This is a basic form of accounting which suits certain small unincorporated businesses. Currently, in order to use the cash basis you must be a trading business, not a limited…

Mar 09 2017

What we know about MTD

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

The government is determined to push ahead with Making Tax Digital (MTD), which will require businesses and landlords to use accounting software to make quarterly reports of income and expenses to HMRC. This reporting will apply for accounting periods starting on and after: - 6 April 2018 for businesses &…

MTD

Points Mean Penalties

Making Tax Digital (MTD)

MTD Digital Links

MTD: Avoid Muddles

MTD Facts & Fiction

Tax reporting is going digital

The digital tax revolution

Revised cash basis

What we know about MTD

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