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MTD VAT pilot takes a huge stride

It’s happening! Half a million UK businesses can now sign up to the HMRC’s making tax digital for VAT pilot. Another 100,000 will be able to join by the end of the month. That’s ahead of next April when about a million businesses registered for VAT with a taxable turnover above £85,000 will need to keep […]

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Why MTD is a journey not a destination

First of all, let us be clear – making tax digital (MTD) will happen in one form or another. Many of the accountants we speak to still believe that MTD will be scrapped due to cost, logistics or Brexit (or other political considerations). But as recently as 13 July, HMRC reiterated the current deadlines on […]

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Accounting profession singles out Brexit as biggest headache

It’s time for accountants to “step up to the plate” when it comes to Brexit, according to the ICAEW’s head of tax. Frank Haskew says: “Our profession is facing a generational, monumental change. This is massive for all of us.” He adds (perhaps with a hint of understatement) that clients across the country are “starting to […]

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Should HMRC block VAT registrations?

In administering any tax system, it is important that everyone gets equal treatment. This is especially so with an EU-wide tax like VAT, where a key underlying principle is that the tax must not lead to distortion of competition. So far so good. What is not good is what HMRC are doing on some applications […]

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The list goes on … HMRC’s VAT/MTD software suppliers

In July there were 18. In August there were 27.  In September there are 40. As that April 2019 deadline for Making Tax Digital for VAT starts to look just that little bit nearer, HMRC has updated its list of approved software suppliers. HMRC is working with more than 150 software suppliers that have said they’ll […]

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Making Tax Digital VAT: is it time to educate clients?

The summer has arrived (it’s started raining!). Government members have retreated to Tuscan villas. School children are enjoying the longest holiday of the year. Parents battle to juggle work and keep their little ones entertained. Amid the extraordinary political, social and economic events of the past few months, accountancy professionals are debating the next step […]

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Business calls for MTD roll-out delays

An “alarmingly high” number of UK businesses don’t know a thing about Making Tax Digital, says the British Chambers of Commerce. Or they know very little… So it’s no real surprise that they would like to see HMRC further delay the programme’s roll-out. BCC research, carried out with US tax software group Avalara, shows: 24 per […]

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BrandWatch: Simplifying accounting for taxi drivers

Today’s Daily Insight welcomes you to BrandWatch, the Accounting Insight News series about companies and brands aiming to cause a stir in the world of accounting and finance. Meet Manchester-based ClickTo.Tax, a group that helps to make self-assessment tax returns as stress-free as possible for self-employed taxi drivers in the so-called gig economy. A bit of context: the […]

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Where next for MTD and the spreadsheet?

In most conversations about Making Tax Digital for Business, the word ‘spreadsheets’ is bound to crop up at some point or other. As in how will/can/do they fit into HMRC’s plans for the not too distant future? So it was interesting when I clicked on the PWC link in the UK tax authority’s latest 18-strong list […]

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