Video: Making Tax Digital timescales for businesses

Video: What Are the Making Tax Digital Timescales For Businesses?

Most businesses, self-employed people and landlords will be required to manage their tax affairs digitally by 2020. This will involve updating HMRC at least quarterly via their digital tax account. The new measures will not apply, however, to individuals in employment or to pensioners, unless they have a secondary income of more than £10,000 per annum. But what are the timescales and when will it affect you?

April 2018 for income tax and National Insurance Contribution (NICs) if your turnover is over the VAT threshold of £85,000 pa.

What is Making Tax Digital video screenshot

Video: What is Making Tax Digital?

The government is transforming the tax system and making it digital. The aim is to reduce burdens for taxpayers and build a transparent and accessible tax system. This new system is called Making Tax Digital.

The plan is that by 2020, businesses and individual taxpayers will be able to register, file, pay and update all their information online. They will be able to do this at any time of day or night, all year round.

So what does Making Tax Digital (MTD) mean for you?

landlords - signing tenancy agreement

Landlords are among the first for digital tax reporting

First in line to take up the government’s Making Tax Digital (MTD) initiative are small businesses, self-employed people, among which are landlords with a rental income above £10,000. In practice, this means that landlords will have digital tax accounts and will be required to file online at least quarterly. The timetable for implementation is as […]

Office laptop waiting to run Making Tax Digital software

Making Tax Digital – what software will you need?

Making Tax Digital (MTD) is asking businesses and individuals to interact with HMRC digitally. As well as having a digital tax account, customers will use digital record keeping software that is linked directly to HMRC systems.

Do your tax anywhere with Xero and Making Tax Digital

Making Tax Digital: the facts

Making Tax Digital (MTD) is coming and a large percentage of business owners and individuals are not aware how the changes will affect them. We run through the facts.