Digital tax accounts

Tax / Rural broadband: how to improve access as Making Tax Digital looms

The postcode lottery for business-ready telecoms for rural enterprises remains a problem, only exacerbated by HMRC's rushed plans to roll out Making Tax Digital from 2018 onwards. Dave Millett, managing director of telecoms brokerage Equinox, asks what can be done

Tax / Making Tax Digital penalty system out for review

With 12 months to go until the start of quarterly reporting under Making Tax Digital, the government has set out three options for the new penalty regime for non compliance ranging from a points-based system to annual HMRC compliance checks although the fines, which could be up to £3,000 for those who keep no financial records, will not kick in immediately

Tax / Draft Finance Bill 2017 hints at transition plans for quarterly reporting

The 700-plus page draft Finance Bill has been published confirming plans to go ahead with quarterly reporting from 2018 for unincorporated businesses over the VAT threshold and an indication that there could be scope for variable transition rules for different types of business, reports Sara White

Tax / Call for farmers to be exempt from quarterly reporting

The House of Lords economic affairs committee has criticised HMRC plans for Making Tax Digital, describing details of potential costs and benefits as ‘opaque’ and calling for a delay in the introduction of quarterly digital reporting

Tax / Making Tax Digital VAT reporting starts April 2019

All sole traders, the self employed and landlords will have to start quarterly reporting VAT through the Making Tax Digital from April 2019, including VAT, HMRC has confirmed

Tax / Budget 2017: implementation dates effective April 2017 onwards

Our essential snapshot of the key measures announced in Budget 2017, Finance Bill 2017 and NICs Bill, including NICs hike for self employed, dividend tax-free allowance slashed to £2k, overseas pensions transfers (QROPS) face potential 25% tax surcharge and Making Tax Digital rollout delayed for smallest companies and landlords sub-VAT threshold

Tax / Budget 2017 briefing: key measures at a glance

In our roundup of the Budget 2017 essentials, we review the key tax measures announced in a slimline event, from the unexpected hike in national insurance rates for the self employed to a cut in the tax-free dividend allowance, potential tax liability for pensions transferred overseas, corporation tax cuts and VAT roaming charges for long haul travellers for the first time

Tax / Parker: farmers call for rethink on Making Tax Digital

The farming community will be hard hit by the arbitrary mandation of quarterly reporting under HMRC's plans for Making Tax Digital due to roll out from April 2018. Michael Parker CTA, head of tax at the National Farmers Union (NFU) is critical of the inflexibility of the system and high compliance costs for farmers

Tax / Le Jeune: a very modest Budget

A first stab at realigning national insurance rates may mark an eventual overhaul of the income tax system but the Chancellor offered scant pickings for business in his first and last spring Budget, says Caroline Le Jeune, partner at Blick Rothenberg

Tax / HMRC research shows need to ‘sell’ Making Tax Digital

HMRC's Making Tax Digital research confirms that the project will not be an 'easy sell' with it facing backlash over the low threshold for quarterly reporting, despite the implementation date being pushed back to April 2019

Tax / Quarterly reporting threshold likely to remain £10k

The Treasury has indicated that it is unlikely to move on the £10,000 threshold for Making Tax Digital and quarterly reporting despite caving in to pressure and delaying the introduction by one year, reports Sara White

Tax / Budget 2017: £740m invested in digital infrastructure

Chancellor Philip Hammond has announced plans to invest £740m in digital infrastructure by 2020 to build a 5G technology hub and support reliable broadband communications for businesses and individuals, as tax reporting moves online as part of Making Tax Digital

Tax / Budget 2017: Making Tax Digital delayed until April 2019

The Chancellor Philip Hammond has delayed the introduction of Making Tax Digital for sole traders, landlords and the self employed operating under the new £85,000 VAT threshold

Tax / Hadley: P6 coding notices to multiply under HMRC digitisation plan

An overhaul of the way HMRC updates employee tax codes under PAYE P6 notices in real time will result in frequent coding updates from April 2017, but are employers ready for a surge in queries from employees, asks David Hadley, tax director at Mercer & Hole

Tax / Briefing: Making Tax Digital essentials

As HMRC aims for the launch of Making Tax Digital in April 2018, CCH Daily assesses the key developments, timetable and compliance costs, House of Lords criticism of mandation and concerns over readiness of software developers to be up and running in time for the start date