header curve
header curve

Making Tax Digital April Update

Making Tax Digital April Update
23 Mar 2017
Share

Making Tax Digital April Update

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

  • From April 2018, unincorporated businesses (including landlords) with gross income (turnover) above the VAT registration threshold (£85,000 for 2017-18) will be required to comply with the quarterly upload of summarised accounts data to HMRC.
  • From April 2019, unincorporated businesses (including landlords) with gross income (turnover) below the VAT registration threshold (£85,000 for 2017-18), but above £10,000, will be required to comply with the quarterly upload of summarised accounts data to HMRC.
  • From April 2019, filing for VAT purposes will also be bought within the scope of MTDfB uploads which will replace the current, quarterly VAT returns.
  • From April 2020, filing for Corporation Tax purposes will be bought within the scope of MTDfB uploads.

In spite of intense lobbying by accountancy organisations and other small business groups, HMRC will require all businesses with taxable income in excess of £10,000 to comply with the upload of summarised accounts data when MTDfB applies as set out above. It was hoped that this exemption limit would be higher.

The digitisation of tax reporting is well and truly underway - the most significant change since the introduction of Self Assessment almost twenty years ago. Initially, we would request that unincorporated businesses required to register from April 2018 ensure that their chosen method of recording their business accounts transactions will be MTD compliant. We are working with our suppliers of accounts and tax software and would be happy to assist.

 

.

Download our Ebook

By providing your email address, MCA will send a copy of the Ebook to your email.

 
* indicates required

To see how we handle your personal data, click here.

You can also unsubscribe at any time by clicking here.

We may transfer your personal data to third parties such as Zoom/Mailchimp/Boma/YouTube and while we are not responsible for the privacy policies of other organisations, we acknowledge that we are a joint controller with those organisations regarding your personal data. Learn more about Mailchimp/Zoom/Boma/YouTube privacy practices here.

.

Request a copy of the recording!

By providing your email address MCA will email you a link to watch our latest webinar.

* indicates required

To see how we handle your personal data, click here.

You can also unsubscribe at any time by clicking here.

We may transfer your personal data to third parties such as Zoom/Mailchimp/Boma/YouTube and while we are not responsible for the privacy policies of other organisations, we acknowledge that we are a joint controller with those organisations regarding your personal data. Learn more about Mailchimp/Zoom/Boma/YouTube privacy practices here.

.

Download our Ebook!

Complete the form below to receive The 3 Freedoms Ebook.

* indicates required
Communication Preferences

To see how we handle your personal data, click here.

You can also unsubscribe at any time by clicking here.

We may transfer your personal data to third parties such as Zoom/Mailchimp/Boma/YouTube and while we are not responsible for the privacy policies of other organisations, we acknowledge that we are a joint controller with those organisations regarding your personal data. Learn more about Mailchimp/Zoom/Boma/YouTube privacy practices here.

Book a Gameplan Call

Powered by ChronoForms - ChronoEngine.com

 

Book a Gameplan Call

Powered by ChronoForms - ChronoEngine.com