Making Tax Digital(MTD) is HMRC’s plan to digitise the UK tax system for VAT, Income Tax (Self Assessment) and Corporation Tax for both businesses and individuals. MTD aims to make tax returns simpler and more efficient for everyone. Similar programmes are in progress around the world, for...
Retrieve VAT payments (Optional):Users can initiate a request to HMRC to obtain their company's VAT payments for a specific period. In response to each user's request, HMRC posts information about the company's VAT payments that is defined in the company's profile on the HMRC side. This ...
MTD for ITSA: What businesses and accountants need to know The MTD for ITSA timeline has shifted. Find out how HMRC's new phased approach will affect all small businesses. 20 October, 202315 min read Self Assessment and Making Tax Digital: What MTD for Income Tax means for landlords ...
MTD for ITSA will require businesses to submit quarterly updates to HMRC each year, with a fifth filing at the end of the tax year. This will replace the need to file annual Self-Assessment returns. Corporation Tax The exact date of when MTD for corporation tax filings is set to be enf...
To avoid issues with previous VAT Return payments if using direct debit, you must not sign up less than: Seven days before your first MTD VAT Return is due Five days after your first MTD VAT Return is due. If you don’t pay by direct debit, you must sign up at least three days bef...
What information do landlords need to send as part of MTD for Income Tax? There’s no real change to the kind of information you’ll need to provide compared to completing a Self Assessment tax return. For example, you’ll still need to declare your income, and where it came from. You...