Making Tax Digital - what you and your clients need to know. Information for Accountants ahead of MTD.
It is a step towards making HMRC the most technologically advanced tax administration in the world, and also marks the end of annual tax filing. How will MTD change the way things are done? Making Tax Digital aims to restructure the entire tax system in the UK, meaning businesses will...
At the moment, Making Tax Digital is all about VAT submissions. But over the coming months and years it will include Income Tax and Corporation Tax too. Are you still filing on the HMRC website? From 1 Nov MTD will be the way* to file your VAT. With the portal closed, VAT submission...
If paying electronically, payments of CIS, NI and PAYE are due to HMRC by 19th of the following month (22nd if paid electronically). VAT Value added tax is a sales tax collected by the business and passed on to HMRC. There are monthly and annual schemes but most people opt for the...
transactions, recording expenses, producing invoices and running your payroll are greatly helped bythe software’s easy-to-use features. FreeAgent isMaking Tax Digitalcompatible, allowing you to file your VAT returns directly to HMRC through the software and remain compliant with the new VAT filing ...
Why Automation is Finance’s Greatest Asset Greater efficiency and accuracy should be reason enough to incorporate… The FinTalk Blog Use Making Tax Digital to Accelerate Your Automation Journey Businesses should make the most of the Making Tax Digital…...
Every business that sells products, and some that sell services, must record the cost of goods sold for tax purposes. The calculation of COGS is the same for all these businesses, even if the method for determining cost (FIFO, LIFO, or weighted average costing method) is different. Businesse...
Reportedly, HMRC is investing £36.69m and has 24 staff working to enforce this new initiative, which seeks to “detect and tackle tax evasion”. However, according to HMRC: “Occasional sellers of goods on a digital platform, who make fewer than 30 transactions and sell items for le...
Tax Deadline, Penalties If you don’t pay owed tax on time, you’re likely to receive a penalty from HMRC. Now, the old penalty system is set to be swapped for a new one. The draft legislation for the Finance Bill 2019 confirmed the alterations to the process, including the introductio...
This is when, as the name may imply, HMRC wants to take a look at a specific aspect of your accounts. This may include inconsistencies in part of one of your recent tax returns. 3. Random Check A random check can happen at random, just as the name suggests. It doesn’t matter what...