Making Tax Digital

Tax / One in five accountants still using paper ledgers

Nearly 80% of accountants still rely on spreadsheets and one in five (18%) still use paper ledgers despite 60% saying that the finance and accounting profession is at a technological tipping point, according to research from software provider Xero

Tax / HMRC simple assessments: what you need to know

As the first HMRC simple assessments are sent out, Meg Wilson CTA explains how they work for affected taxpayers including new pensioners and anyone who has underpaid PAYE and what action they need to take as they are pulled into the first wave of implementation, effectively seeing the abolition of their annual tax return

Tax / Making Tax Digital for VAT: what we know so far

With sketchy information available about the plans for the rollout of Making Tax Digital for VAT, Stephen Relf CTA ACA examines early plans for changes to VAT reporting including qualifying criteria, compliance and thresholds

Tax / Free software for Making Tax Digital not viable, says Xero

Accountancy software provider Xero has said providing free programmes for Making Tax Digital quarterly reporting is not practical and should not be expected as the costs to build the software and provide a good service to taxpayers are too high, reports Amy Austin

Tax / OTS to examine use of IT to simplify tax system

The Office of Tax Simplification (OTS) is to look at how advances in IT could simplify the design or administration of the tax system, particularly as Making Tax Digtal forces exclusive digital reporting and Blockchain currencies go more mainstream

Tax / PAYE updating service hit by HMRC IT problem

HMRC has reported IT problems stopping taxpayers from filing tax returns for 2016/17 and an issue affecting PAYE accounts, which means they are not updating correctly

Tax / ATT president calls for larger-scale MTD pilots

President of the Association of Taxation Technicians (ATT) Graham Batty has called on HMRC to broaden the scope of its Making Tax Digital pilots, both in terms of number of participants and duration

Tax / ‘No decision’ on free software as Iris set to release first MTD-compliant package

Accoutancy software provider Iris has yet to decide whether it will provide free Making Tax Digital software as it is set to release the first programme which will allow users to make quarterly submissions by participating in HMRC’s pilot scheme, reports Calum Fuller

Tax / Nunn: hurricane expenses highlight occasional HMRC pragmatism

There are times when HMRC is actually quite reasonable about exceptional expenses, says Yvette Nunn, director of Berkeley Associates, who is advising clients with staff relocating to the Caribbean after Hurricane Irma

Tax / VAT regulations for Making Tax Digital available by April 2018

The government has revealed plans to publish and consult on draft VAT regulations for Making Tax Digital with the aim to have the regulations in place by April 2018 to give businesses and software developers at least 12 months to prepare, although no consultation date has been set

Tax / OTS seeks tax professionals

The Office of Tax Simplification (OTS), the statutory body which is an independent office of the Treasury and gives independent advice to the government on simplifying the UK tax system is looking for people to join its team

Tax / Government sets out plans for Making Tax Digital for VAT in Finance Bill (No.2)

The latest draft Finance Bill sets out the framework for VAT reporting under Making Tax Digital, confirming that the rules will not be in place before April 2019 while those who fall below the VAT threshold, currently £85,000, will not have to digitally report 

Tax / Draft Finance Bill (No.2) 2017 published

The government has published the draft Finance Bill (No.2), which will have its second reading in the House of Commons on Tuesday 12 September, the first time that MPs will be able to debate the proposals

Tax / Finance Bill (No.2) to be published 8 September

The government has announced the Finance Bill will be published on Friday 8 September, following the delays caused by the April snap election

Tax / What are HMRC Simple Assessments?

In a bid to reduce the number of taxpayers forced to complete a Self Assessment tax return, HMRC has introduced Simple Assessments, but there are potential pitfalls, particularly for those outside PAYE and pensioners who are liable for tax, says Graham Boar, tax director at UHY Hacker Young
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