The new Labour government has confirmed that the Making Tax Digital (MTD) initiative will go ahead. It had been unclear whether the policy introduced by the Conservatives would be followed in the same way and to the same timeline. However, the Autumn budget appeared to support the programme’s existing timeline. What is Making Tax Digital?Making […]
At the same time as the French government announced plans to mandate e-invoicing, the UK government confirmed it is set to act on late payments, the scourge of the SME and something that is estimated to cost the economy £billions each year. eInvoicing to become mandatory in France With the EU version of Making […]
There’s little doubt that business rates need reforming from top to bottom as was highlighted in the Government review completed in 2021. But as well as introducing reform to the calculus, the Government has committed to digitise the system from 2026/27. However, there is now a suggestion that it could tie up with the Government’s Making Tax Digital (MTD) strategy to form part of that broader, holistic view of tax liabilities and payments.
Making Tax Digital (MTD) for VAT became mandatory for all companies from April 2022. But despite the impending deadlines for registration and first returns to be made under the new scheme, many companies are still not ready, with some suggesting the figure could be as high as 80% of companies not prepared.
Plans to increase the frequency of reporting by the self-employed and small businesses, under the Governments Making Tax Digital (MTD) scheme, have been delayed. The next phase of roll out for MTD would have seen self-employed and small business required to maintain digital records and report their income to HMRC every quarter from April 2023. […]
As part of the continued push towards a fully digitised tax system, plans have been outlined by the Treasury for the self-employed to begin paying their taxes on a PAYG (Pay-As-You-Go) basis. Currently, freelancers and the self-employed pay tax annually or bi-annually as part of the self-assessment tax return process and based on their actual […]
The long-term ambition of Making Tax Digital is to simplify that tax system, speed up calculation and collection and also close loopholes that are estimated to cost the treasury up to £31bn a year in unpaid taxes. Whilst its phased rollout has been subject to delays and changes due to Covid and Brexit, Chancellor Rishi […]