How does Making Tax Digital affect non-VAT-registered businesses?

Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years. The essential elements for businesses and organisations are: Paper records will no longer be sufficient: It will become mandatory for almost all...

I’m already using Xero; how will Making Tax Digital affect me?

There’s a new kid arriving on the accounting block, and the deadline to get ready for is getting nearer and nearer! HMRC’s Making Tax Digital (MTD) is set to transform how businesses keep their records but even still, there’s several myths circulating about what it...

Do I really need Xero for Making Tax Digital?

There’s no doubt in our minds that Making Tax Digital is set to radically transform how business owners handle their finances. What was originally dubbed as “the death of the tax return” has become something far greater, and could even be described as the most...

Making tax digital for VAT guidance issued

HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT. VAT Notice 700/22 clarifies that spreadsheets may still be used to keep business records provided that there is bridging software...

Making tax digital delayed further, apart from vat reporting

HMRC have confirmed that no further MTD for business changes will be brought in before 2020 at the earliest. The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources of work to...

Are you ready for making tax digital (MTD)?

In just over twelve months most VAT registered businesses will need to comply with new legislation requiring them to submit their VAT returns electronically using an Application Programme interface (API) between their accounting and HMRC software. Keeping financial...