Making Tax Digital

Following the announcement of a snap general election to take place on 8 June 2017, the Government dropped clauses relating to Making Tax Digital from the Finance Bill 2017 so that it could quickly receive approval from MPs before Parliament dissolved. The policy is now on hold until after the election.

While Making Tax Digital is currently on hold, the Government has said that the clauses dropped from the Finance Bill remain policy and it intends to put forward legislation at the start of the new Parliament to enact them.

We will update this page as details of any new legislation are announced after the election.

An effortless digital switchover with MGI Midgley Snelling LLP

Say your final goodbyes to the paper tax return, because HM Revenue & Customs’ (HMRC) new and improved digital tax dashboard is taking over.

From bank statements to invoices to receipts, your financial footprint will migrate to HMRC’s all-in-one dedicated digital tax platform, Making Tax Digital, over the next four years.

And if you are a landlord or own a business that turns over more than £10,000 a year, it is mandatory for you to be at the centre of it.

That means learning the software, computing the data, and dispatching quarterly, yes, quarterly updates to HMRC.

Fortunately, MGI Midgley Snelling LLP is here to reduce the administrative burden before, during, and after making the transition, allowing you to spend more time on what is important – you and your business.

We’ll also kit you out with HMRC-compatible software and all the training necessary to get your business up to scratch.

So, to find out how we can save your business time and money while going digital, contact MGI Midgley Snelling LLP today.

The latest developments

Since HMRC published the outcomes of the first consultations on Making Tax Digital, further information has been published at the Chancellor’s Spring Budget and in an HMRC Policy Paper.

Crucially, this includes the timetable for the introduction of Making Tax Digital. The requirement for businesses, self-employed people and landlords will begin from:

  • April 2018 if they have profits chargeable to Income Tax and pay Class 4 National Insurance contributions (NICs) and their turnovers are in excess of the VAT threshold
  • April 2019 if they have profits chargeable to Income Tax and pay Class 4 NICs and their turnovers are below the VAT threshold
  • April 2019 if they are registered for and pay VAT
  • from April 2020 if they pay Corporation Tax (CT)

 

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