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MTD for Income Tax Delayed

Self Assessment

In a statement to MPs today, new financial secretary to the Treasury Lucy Frazer has confirmed that the introduction of Making Tax Digital (MTD) for income tax will be delayed by a year. The quarterly digital reporting for landlords and the self employed was due to start in 2023, but it will be pushed back … Read more

Making Tax Digital

Making Tax Digital

With Making Tax Digital coming into force on the 1st April, 2019, it is now time for many of the 1.2 million businesses affected by the new law to submit their first quarterly VAT Return to HMRC using the software by the 7th August, 2019. HMRC is still urging businesses with an annual turnover above … Read more

Tax Gap remains low

Tax Gaps

HMRC have confirmed that the Tax Gap for 2017-2018 is 5.6%. This shows a reduction of 1.6% from 2005-2006. This means that HMRC have successfully collected 94.4% of all tax due under the law in 2017-2018. Jesse Norman MP, Financial Secretary to the Treasury said: The UK’s low tax gap underlines both how the vast … Read more

Making Tax Digital (MTD)

Making Tax Digital

From April 2019, VAT registered businesses with an annual turnover in excess of £85,000 will be required to keep their records in a digital format and submit VAT returns using Making Tax Digital (MTD) compatible software. HM Revenue & Customs has been charged by the government to modernise the current tax system. Over the past … Read more