Making Tax Digital timeline

Making Tax Digital timeline

HMRC is moving forwards with their digitisation of taxpayer VAT and Income Tax reporting requirements under their much publicised Making Tax Digital (MTD) initiative. We have reproduced below recent announcements made by HMRC on this issue. Mandatory filing of VAT returns using MTD compliant software will commence for all returns with reporting periods commencing after … Read more

About-turn, you can use spreadsheets

About-turn, you can use spreadsheets

HMRC has about-faced regarding the ban on using spreadsheets to work out your VAT return data from 1 April 2019, when the new requirement to file VAT returns using Making Tax Digital (MTD) format is introduced. Bowing to pressure from industry, the accountancy profession and Parliamentary committees, HMRC has now agreed that you can use … Read more

Making Tax Digital

Making Tax Digital

A reminder that from April 2019, HMRC’s much vaunted Making Tax Digital (MTD) scheme will apply to certain businesses. The April 2019 launch will only apply to VAT registered traders. More specifically, MTD will apply to businesses who have a turnover above the VAT threshold – the smallest businesses will not be required to use … Read more

Getting ready for Making Tax Digital (MTD)

Getting ready for Making Tax Digital (MTD)

The government has back-tracked on their original proposal to digitise taxpayers’ affairs. The original plan, to have most self-employed traders and landlords uploading accounts and VAT data from April 2018, was scrapped. The new plan, delayed until April 2019, requires traders registered for VAT, and with turnover above the current £85,000 registration threshold, to upload … Read more

Making Tax Digital

Making Tax Digital

Making Tax Digital (MTD) is the government’s latest attempt to fully digitise the process of collecting data from taxpayers so they can speed up the process of calculating how much tax you owe. Until recently, we were facing radical changes to the tax system to accommodate this objective. Businesses (including landlords) were to be required … Read more

Are we making progress on Making Tax Digital?

Are we making progress on Making Tax Digital?

There is evidence that HMRC’s Making Tax Digital (MTD) implementation team are working with advisors and their clients to beta test the computer systems that will drive the quarterly upload process when it is timed to begin April 2018. MTD aims to have taxpayers’ income and other relevant details uploaded to a personal digital account. … Read more

Macalvins are now using OpenSpace

Macalvins are now using OpenSpace

Due to Making Tax Digital, Macalvins has introduced a new cloud-based communications software solution, called OpenSpace. OpenSpace has been created to help firms and individuals exchange documents quickly and securely with their accountants. Using OpenSpace will allow you to approve and return forms instantly. We currently have over 880 clients on this platform who have … Read more