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Making Tax Digital for VAT – Further information

30/11/2018

 
Further to the recent guidance issued by HMRC and the confirmation in the Budget that this is still expected to be mandatory from April 2019 we have put together some further information.  Please click here if you would like to find out more about the details.

How Does Making Tax Digital Affect You?

22/11/2018

 
From April 2019, Making Tax Digital for VAT will be mandatory for over 1 million VAT registered businesses. HMRC has released a video that explains how Making Tax Digital for VAT will affect your business.

The video above explains that businesses that turnover £85,000 or more will be required to keep Digital VAT Records as well as submitting VAT Returns digitally. To do this, businesses will require VAT Software.

However, anyone who is currently exempt from online filing will continue to be exempt when this comes in to force.

HMRC Reminder of Tax Reliefs

22/11/2018

 
HMRC have published an article to remind people about five different tax reliefs that can be claimed, but are easily overlooked.  These are:
  1. Transfer of unused personal allowances between spouses, worth up to £238 per year;
  2. The "Help to Save" scheme which boosts the savings of low earners;
  3. Help with childcare costs under Tax-Free Childcare
  4. Relief for expenses incurred in running small businesses, and the deductions available for employees;
  5. Relief from Stamp Duties for first time home buyers.
Website article: Five ways HMRC can help boost your finances

MTD for VAT public pilot opens

5/11/2018

 
HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex requirements will be deferred from being subject to MTD for six months.

Read More

Making Tax Digital for VAT

5/11/2018

 
HMRC has published further information for what businesses need to do to get ready for Making Tax Digital for VAT.

 Internet Link: Making Tax Digital: how VAT businesses and other VAT entities can get ready

As a reminder, from April 2019 businesses with a taxable turnover above the VAT threshold, currently £85,000, will have to keep their records digitally for VAT purposes and submit their VAT returns to HMRC through Making Tax Digital (MTD) compatible software.  This is part of HMRC’s vision to make the tax system more effective, more efficient and easier for taxpayers to get their tax right.

If you have any queries regarding the changes, how these may affect you and how we can help, please contact us.
 

HMRC countdown: file your tax return

2/11/2018

 
With less than 100 days until the self assessment tax return deadline of 31 January 2019, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush.  The deadline for submitting 2017/18 self assessment tax returns online is 31 January 2019. An automatic penalty of £100 applies if the return is late.

Read More

Further guidance on a No-deal Brexit

2/11/2018

 
HMRC has issued a Partnership Pack to help businesses carry out contingency planning and to help their customers, members and clients to:
  • think about how they will need to adapt their business to comply with new systems, processes and controls
  • assess the impact of the increased demand for customs declarations on their business
  • consider whether they need to recruit and train additional staff
  • stay up-to-date with these changes.

Read More

New HMRC Guidance for Employers

2/11/2018

 
HMRC has issued the October 2018 Employer Bulletin which contains a number of articles relevant to employers on payroll related issues.

Read More

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