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)
Making Tax Digital dropped from Finance Bill ahead of General Election
HMRC launches digital tax pilots
HMRC launch MTD pilot for “hundreds of thousands” of businesses
‘True costs’ of Making Tax Digital still unclear, says Treasury Committee
Fines of up to £3,000 for failure to comply with Making Tax Digital, says HMRC
Consultation on late submission penalties for MTD
HMRC defends Making Tax Digital timescale at House of Lords
Revenue sets out first plans for Making Tax Digital
Making Tax Digital will require businesses to use “designated software packages”
Independent watchdog questions quarterly business tax updates
Government will respond to Making Tax Digital consultations in January 2017
50-page report calls upon Government to delay Making Tax Digital
Only six per cent of self-employed business owners are aware of Making Tax Digital
HMRC publishes long-awaited responses to Making Tax Digital consultations