Making Tax Digital (MTD) is HMRC’s plan to make it easier for businesses and individuals to get their tax in order and manage their finances – spelling the end for the annual tax return. By 2020, the government wants the UK to be the most ‘digitally advanced tax administrations in the world’. However, the speed
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Four things to know about Making Tax Digital in the new tax year
by Ben Lobel • • 0 Comments
The start of a new tax year is almost upon us, which means many business owners are currently gearing up to make changes that could help their business flourish in the next 12 months. But while these short-term improvements can be incredibly valuable, it’s also a good idea to start looking at other potential issues
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Act now to prepare for new HMRC digital tax system
by Owen Gough • • 0 Comments
Businesses in the South West should take urgent action ahead of the government’s sweeping changes to the digital tax system. That’s the advice from chartered accountants Thomas Westcott, ahead of the introduction of the new Making Tax Digital regime. Making Tax Digital is an HMRC initiative to compel businesses to keep digital records and file
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Sole traders spend 9.5 million hours doing their tax returns
by Owen Gough • • 0 Comments
With the self-assessment deadline looming, new research highlights the huge burden that the current tax returns system puts on sole traders. The research, carried out by YouGov for 1Tap Receipts, finds that 45 per cent of sole traders spend five hours or more completing their tax returns, and 22 per cent say they spend ten hours or more
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SME owners to tackle Making Tax Digital reforms without support
by Owen Gough • • 0 Comments
As HMRC closes the latest consultation round of its Making Tax Digital reforms, new research from Geniac reveals the potential impact on SMEs across the UK. At Budget 2015, the government set out the vision for a transformed tax system and in December 2015 launched the Making Tax Digital Roadmap, outlining more detail about what
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Making Tax Digital: What every small business needs to know
by Ben Lobel • • 0 Comments
Making Tax Digital or MTD is something we’re all going to hear a lot more about in the coming months. The tax system is set to be transformed to fit the digital age we now live in and will look and feel very different by 2020. For the first time, businesses will be able to
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