The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to start keeping their records digitally (for VAT purposes only) and provide their VAT return information to HMRC by using compatible software. HMRC has published a press release to [...]
In our first blog in our Making Tax Digital (MTD) series, we looked at the opportunity for the UK government to consider the simplification of the UK tax regime now that the MTD initiative has been delayed, in the main, to 2020. And indeed, we are already seeing welcome signs of this with guidance being released for those businesses with property income, where HMRC have confirmed that a digital record will be required for a property [...]
HMRC’s implementation delay of the beleaguered Making Tax Digital (MTD) project presents an opportunity for businesses to take a longer, deeper look at how to reduce the tax burden on their businesses. With more time now available, wider discussions have begun around firstly simplifying the tax regime before consideration of digitalising it. The Government has a wealth of research and sources to draw upon, including from the Office of Tax Simplification (OTS), business organisations [...]