Digital tax accounts

Tax / Accountex 2017: exhibitor highlights and what's new

On 10-11 May, Accountex – the UK’s biggest accountancy exhibition returns to London ExCeL. Here’s a first look at what’s new from some of the exhibitors for 2017, to help you plan for your visit and focus on the major software innovations for accountants and tax advisers:

Tax / Advisers must have access to client accounts under Making Tax Digital

CIOT has renewed calls for HMRC to reconsider its implementation plans for its move to Making Tax Digital, saying that experience from a similar initiative by the Australian revenue authorities suggests the current timetable is ‘extremely challenging’ and granting advisers access to client accounts is 'fundamental'

Tax / Nunn: HMRC gets in a muddle over paper tax returns

Yvette Nunn CTA, director of Berkeley Associates, says HMRC is in a shambles as it tells some taxpayers to submit paper tax returns as the Revenue's IT systems fail to calculate the right tax

Tax / Making Tax Digital: what we know so far

With less than a year to go until the rollout of Making Tax Digital quarterly reporting for unincorporated businesses, there are still a raft of unanswered questions about testing and software provision, not to mention the readiness and ability of HMRC to support such a radical overhaul of the tax system. Sara White and Calum Fuller report

Tax / Ellison moves to assuage Making Tax Digital timetable fears in letter

The government ‘remains committed to the digital future of the tax system’ despite the forthcoming general election, financial secretary to the Treasury Jane Ellison claimed in a letter to the House of Lords Economic Affairs Committee

Tax / Dodwell: HMRC tax accounts fail to calculate correct tax

Bill Dodwell, head of tax policy at Deloitte, is critical of HMRC's failure to address a computation problem on self assessment, which has resulted in miscaluations of tax liability and hints that many taxpayers will end up paying the wrong tax and may even have to revert to filing paper tax returns

Tax / Making Tax Digital: who starts quarterly reporting when

In a regular timetable update for HMRC's Making Tax Digital, CCH Daily sets out the key dates for the start of quarterly reporting and the subsequent year end reconciliation tax report, based on company or partnership size and turnover. This list will be updated regularly to reflect any changes to reporting requirements

Tax / Making Tax Digital: accounting periods and reporting deadlines

With less than a year to go before quarterly reporting starts for unincorporated businesses, self employed and landlords over the VAT threshold in April 2018, Stephen Relf ACA CTA, specialist tax writer at Wolters Kluwer, has pulled together a handy guide to key reporting dates for accounting periods for HMRC's Making Tax Digital 

Tax / Pressure to amend Making Tax Digital plans

Government departments and select committees have now entered a period of ‘purdah’ as the general election campaign gets underway, but there are signs that the two committees scrutinising HMRC proposals for Making Tax Digital are planning to work together to push for more changes and a slower implementation of the current plans

Tax / Making Tax Digital dropped from Finance Bill

Making Tax Digital has been removed from the Finance Bill 2017, as well as a majority of other tax measures such as corporate loss relief, the money purchase annual allowance for pensions and penalties for enablers of tax avoidance schemes, confirmed by government at the Finance Bill committee stage debate

Tax / Treasury committee cancels Making Tax Digital hearing

The Treasury Select Committee has cancelled the two evidence sessions it had scheduled for this week, one on Making Tax Digital and the other with the Chancellor of the Exchequer, due to the upcoming snap general election

Tax / Finance Bill 2017 should not be rushed through without scrutiny

The Chartered Institute of Taxation (CIOT) has written to Chancellor Philip Hammond urging him not to rush through a large number of tax changes, inlcuding Making Tax Digital, without any real parliamentary scrutiny, particularly since complex measures such as interest restriction have already faced repeated amendment

Tax / Making Tax Digital should be ‘put into cold storage’, say MPs

In the latest twist in the Making Tax Digital saga, the influential Treasury Committee is reviewing calls for the move to quarterly reporting to be parked until HMRC can provide more clarity on software and IT availability issues folowing the latest hearing on the plans, reports Sara White

Tax / Browne: HMRC IT system fault costing taxpayers

Crucial aspects of HMRC’s IT system appear to be dysfunctional as it is seeking to digitise, and it is costing taxpayers, says Bishop Fleming head of tax Andrew Browne

Tax / HMRC launches Making Tax Digital pilot

HMRC has launched its Making Tax Digital for business pilot to test out its new reporting system, with a year to go before businesses with turnovers above the VAT threshold  are required to switch to digital records and provide quarterly summary updates from April 2019