Consultations

Tax / Farming businesses too complex for quarterly reporting

The rigid framework of quarterly reporting under Making Tax Digital does not make sense for the farming community due to accounting complexity, use of capital allowances and seasonality of the business, NFU head of tax tells Lords committee. Sara White reports

Tax / Lords to examine Making Tax Digital for farmers and small businesses

Farmers, small businesses and landlords are to give evidence to the Economic Affairs Finance Bill sub-committee on the government's Making Tax Digital project today

Tax / Lords call up tax experts and software developers for MTD hearing

Tax experts and software representives have been called  to give evidence before the House of Lords Economic Affairs Finance Bill sub-committee on government proposals to roll out Making Tax Digital (MTD) quartery reporting for small businesses and residential landlords from 2018

Tax / Making Tax Digital: getting to grips with the key tax reporting changes

Quarterly reporting under Making Tax Digital will become mandatory for unincorporated businesses, sole traders, buy-to-let landlords and the self employed from April 2018. We asked CCH tax writer Stephen Relf CTA ACA to delve into the detail and explain the implications from quarterly reporting deadlines to penalties and higher cash basis limits

Tax / Making Tax Digital: HMRC confirms ‘soft landing’ on penalties

Businesses using Making Tax Digital to file with HMRC will be granted a ‘soft landing’ for late filings in the first 12 months of the project’s operation, the tax authority has said

Tax / Making Tax Digital: timetable and quarterly reporting plans at a glance

Following feedback from consultations, HMRC is to modify key elements of the Making Tax Digital (MTD) plans, but is sticking to the April 2018 deadline for the introduction of new quarterly reporting requirements, despite no decision as yet over whether to go ahead with the £10,000 exemption threshold for small businesses

Tax / Making Tax Digital: partnerships must nominate partner to report

Some 400,000 partnerships will report their tax positions and obligations through a nominated partner under HMRC’s Making Tax Digital project, draft legislation shows, although the largest partnerships with income over £10m are likely to be exempted

Tax / Making Tax Digital: voluntary PAYG repayments must be quick

Taxpayers interested in opting for a voluntary pay as you go (PAYG) approach as part of Making Tax Digital plans, allowing them to make payments at a point of their choosing towards an expected tax liability, are calling for HMRC to ensure the repayments are handled quickly and with ease

Tax / Making Tax Digital: quarterly reporting requirements for landlords and self employed

HMRC has confirmed the timetable for the rollout of quarterly reporting and a year end reconciliation under Making Tax Digital with the first tranche of taxpayers, including buy-to-let landlords and the self employed, set to kick in from April 2018 

Tax / Making Tax Digital: cash basis threshold to increase to £150k for buy-to-let landlords

The cash basis threshold is set to almost double from £83,000 to £150,000 to allow more buy-to-let landlords to benefit from being taxed on the cash basis set out in draft legislation released as part of HMRC’s Making Tax Digital plans

Tax / BREAKING: Making Tax Digital reporting to start in April 2018

HMRC’s Making Tax Digital reporting plans are to go ahead as planned with an April 2018 launch for quarterly updating and reporting for sole traders and buy-to-let landlords, with a major pilot starting this April although the exemption threshold remain up for review, reports Sara White

Tax / Consultations: Feb - Mar 2017

A roundup of current consultations from HMRC, including Apprenticeship Levy, VAT grouping, offshore tax evasion, reducing money purchase annual allowance for pensions

Tax / Secondary draft legislation for off-payroll public sector workers published

HMRC has introduced secondary draft legislation relating to off-payroll working rules for individuals providing services in the public sector declaring that National Insurance Contributions (NICs) are to be paid by the public authority paying for the services, with changes to come into effect from April 2017

Tax / Revised non dom rules set out in draft legislation

Proposed non dom rules will see certain individuals treated as UK domiciles for income tax, capital gains tax and inheritance tax purposes, with revised guidance issued and effective from 6 April 2017

Tax / Interest deductibility draft legislation published

Plans to introduce tough new rules to curb interest deductibility are taking shape as HMRC publishes draft legislation on the new regime for restricting the amount of interest and other financing amounts that a company can deduct when calculating profits for corporation tax purposes, effective April
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