News and events from TaxCalc
Digital Tax Accounts
As you may have heard in recent announcements, such as the one from our CEO Tracy Ebdon Poole Making Tax Digital for Business has been delayed. However, the ability for information to be automatically populated in a Self Assessment tax return is still pressing on.
Having first written about this in early 2016, we thought it was time to update our customers as to the progress of this.
At TaxCalc we are great believers in the value of innovation, especially in our rapidly-evolving, always-on digital world, where your clients and colleagues are rarely more than a few taps on a keyboard away.
We know that knowledge feeds innovation and better practices, which in turn helps to create a better, more efficient, and ultimately more successful accountancy practice.
Our SmartPractice Seminars are just one example of this commitment to supporting you, our customers by sharing our knowledge and providing information that actually makes a difference to your businesses.
HMRC have now published their consultation documents on the Making Tax Digital (MTD) strategy. Covering six separate documents and totalling 243 pages, together they set out HMRC’s vision for the future for the UK’s tax system.
For some time now, we’ve been taking time to inform our customers of the key concepts behind Making Tax Digital: Digital Tax Accounts, Application Programming Interfaces (APIs) and Quarterly Updates. The consultations not only help explain these plans but introduce some new ideas not previously imagined.
We’ve dissected the first of the six documents and here are our high-level findings…
It’s been almost two months since we last posted about HMRC’s Making Tax Digital strategy.
Due to matters such as the local elections and the EU Referendum, not an awful lot has happened since then. However, there have been a few matters of note arising…
As part of HMRC’s Making Tax Digital strategy, we have been expecting security improvements to be made to taxpayers’ access to their online accounts via the Government Gateway.
On 29 March 2016, HMRC introduced a new optional layer of security that introduces a mobile phone into the logging in process for Individual taxpayers…
We received a number of emails and calls yesterday and today following a webinar presented by another company in our industry. The webinar purported to be in connection with HMRC’s Making Tax Digital strategy but turned out to be not much more than rouse to sell mobile app development services.
Unfortunately, its content rather unsettled the customers that contacted us, so I’ve written this blog to set out where the industry currently sits with the strategy and how it could affect practitioners and their firms…
Taking place in four locations across the UK, these unique seminars will be providing the perfect balance between topical tax issues and TaxCalc future developments.
We'll be discussing the new HMRC Digital Tax Accounts, the impact of the new Dividend Tax, Practice Development, TaxCalc Cloud Connect and much more!
Key reasons to attend:
I doubt that it will have escaped the reader of this blog that the Government has recently been extolling the virtues of its radical digital agenda. Back in the Autumn statement last December, it dropped something of a bombshell in the form of quarterly updates of accounting information for the self employed and, although rarely mentioned, for landlords too.
Rather than provide explanation as to how this could all work, the detail is still to follow. Indeed, various publications have recently been released by HMRC but they don’t exactly put much meat on the bones. There’s been research, which I’ll discuss later, but (at time of writing) we are still waiting for preliminary consultation, which will be followed by further consultation later this year.
And, of course, consultation generally only focuses upon one thing at a time. So there appears to be separate consultation to be had on quarterly updates, on the alignment of business activity to tax payments, on the penalties regime and so on.
Quite rightly, there has been much hubbub in the media and amongst both the accountancy practice and self employed industries. Again, I doubt it will have escaped you that there was a petition started to challenge “quarterly returns”. Having gained over 100,000 signatures, Her Majesty’s Government was required to debate the issue…