The first tranche of businesses mandated to use the system comes into effect from 6 April 2026 and with that, the compliance burden on businesses within MTD IT will be much greater than it was outside it. Those individuals with combined turnover of £50,000 from self-employment and letting (based on figures in their 2024/25 tax...

Making Tax Digital for Income Tax changes the way that self-employed individuals and landlords report their earnings to HMRC. If you are wondering how this might affect you and your business, Associate Kenneth Logan brings you the story so far along with a guide to the new rules. Making Tax Digital – what has happened...

As of 6 April 2024 most self employed traders and private landlords will be required to comply with HMRC’s new MTD for ITSA rules. Who is required to comply? All individuals who are subject to income tax on the profits of a trade, profession, vocation or property business who have a total turnover from all...

Whilst the Finance Bill 2021 was fairly low key, one announcement might mean a year has been slashed from a crucial Making Tax Digital (MTD) deadline for many unincorporated businesses. What’s the full story? Kenny Logan takes a look. A major aim of MTD is to bring the payment date for all taxes closer to...

Not the Autumn Budget but more tax updates have been released which you should know about. Annual Investment Allowance £1 million temporary cap will be extended until 1 January 2022.  New measures to tackle promoters of tax avoidance, including tougher sanctions and additional HMRC powers. The government publishes draft tax legislation on a range of...

Claim VAT on a new house build? Q. My wife and I have just bought a plot of land. We intend to build a new house on the land and sell it. Can we register for VAT and claim input tax on our building costs? A. The answer is yes, but there are two important...

The latest Making Tax Digital policy update from HMRC means that supplier statements can now be used to record expenses for input tax purposes, that’s a big time saving for the many businesses which use spreadsheet accounting. MTD for VAT was introduced for all UK businesses making annual taxable supplies of more than £85,000 for...

Making Tax Digital is without doubt the most significant change to the UK tax system in a generation and businesses really do need to take action now. We look at the implications and provide a valuable checklist for the transition across to the new system. The new digital method of tax collection and administration known...

In this article, Steven Turnbull examines the impact of HMRC’s Making Tax Digital on Landlords in particular and encourages those of you to be prepared! Making Tax Digital is HMRC’s project to transform the tax system and is famously associated with the claim that we will see the end of the annual tax return. However,...

‘Making Tax Digital’ is the next big thing to affect taxpayers and while it’s some way off yet HMRC is slowly making changes in preparation for it, Kevin Crowford takes a closer look. For Companies The latest moves, which HMRC announced in September 2016 include the withdrawal of tax return confirmations for companies. No more paper From...