News and events from TaxCalc
Articles containing the tag "MTD"
HMRC recently released the much-anticipated MTD for ITSA Notices, a document that TaxCalc has long been campaigning for and were promised early sight of six months ago – a promise that never quite came to fruition.
When first published back in July 2018, the clarity provided by the equivalent MTD for VAT Notice 700/22 was a welcome breath of fresh air, clarifying many outstanding points in relation to functional compatible software, digital links and the use of spreadsheets. It contained examples, diagrams and clear explanations of what was legislative, and hence came with the force of law, and what was HMRC guidance or recommendation.Read more
HM Revenue & Customs (HMRC) has confirmed that their new points-based penalty regime will come into effect from 1 January 2023 and will apply to both Making Tax Digital (MTD) for VAT as well as MTD for Income Tax Self Assessment (ITSA). Their stated aim is to make penalties simple, fair and effective but, as the arguably illustrious ageing rocker, Meat Loaf, might say, “Two Out of Three Ain’t Bad”.
HMRC has opened a consultation on basis period reform which asks for views on how best to implement a proposal to simplify the rules under which profits of an unincorporated trading business are allocated to tax years using basis periods.
Since the introduction of MTD for VAT a ‘soft landing period’ has been in place, allowing businesses time to get their systems digitally-linked to comply with the full MTD for VAT requirements. This period enabled businesses to use ‘cut/copy and paste’ methods to move data from one system to another before filing to HMRC. From 1 April 2021, this will no longer be permitted. However, there is no need to panic. It is likely you already have everything you need to continue being compliant, or some simple adjustments could be all that’s required.
For the export of goods or the supply of services made to EU businesses on or after 1 January 2021, you will not need to submit an EC Sales List (ESL). You will have until 21 January 2021 to submit ESLs for sales made before 1 January 2021.
Recently, HM Revenue and Customs shared news of changes to its IT infrastructure, involving the migration of VAT Customer Accounts to a new system. Following this migration, HMRC will decommission the current XML submission service from 8 April 2021.Read more
As TaxCalc’s Product Director, Pauline Smith oversees the continued improvement of existing products, and coordinates the launch of new ones. It’s a tough job that’s dictated by a variety of compliance guidelines, evolving customer requirements and the wider goal of a future-proof business.Read more
Should accountants start discussing the changes with their clients and implementing solutions? How long have they got to prepare? Is it worth spending time on it?
As part of a new 10-year plan to modernise the UK tax administration, we finally have some answers. The accounting industry can finally start planning with some certainty and to a sensible timeline.Read more