Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from April 2022. The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became … Continue reading Are you registered for Making Tax Digital for VAT?
HMRC will be contacting you if your turnover is below the £85,000 threshold for VAT registration to alert you of your need to comply with MTD for VAT as of April 2022. MTD for VAT was introduced in April 2019 for businesses with turnover … Continue reading Making Tax Digital for VAT is on the horizon for businesses with turnover below £85,000
Having listened to stakeholder feedback from businesses and the accounting profession, the government has announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year … Continue reading MTD For Income Tax Postponed To 2024/25
We have previously mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses … Continue reading Self-Employed To Suffer BIG Tax Bills in 2022/2023
As the end of another calendar year draws to a close, you might be re-evaluating the past 12 months and how you can achieve your goals in the forthcoming year. MJB Avanti will be bringing you a series of bite-size health check tips. With Making Tax … Continue reading Financial Healthcheck – Software
This month we are focusing on: Accounting Software And this week are looking at: Why Is Software helpful? The first covers Making Tax Digital which will require all businesses eventually to submit returns quarterly online via an approved software … Continue reading Terrific Tax Tip – Accounting Software
This month we are focusing on: Accounting Software And this week are looking at: Why is software legal? To assist with important decision making within a business you need to have up to date and accessible software to record your financial … Continue reading Terrific Tuesday Tax Tip – Software
This month we are focusing on: Different Trading Vehicles to Consider for your business And this week are looking at: What are the requirements for a partnership at year-end? A business partnership is a specific kind of relationship formed by the … Continue reading Terrific Tuesday Tax Tip – What are the requirements for a partnership at year end?
This is a common occurrence with all types of businesses whether you have not long started or have been trading for several years. As the owner your focus is often on marketing your business, making sure revenue is coming in so bills can be … Continue reading Case Study: What Happens If You Exceed The VAT Threshold?
Making Tax Digital Is Live Making Tax Digital (MTD) is live for VAT and has been since 1st April, and yet here we are 4 months on with business owners still struggling to comply, whether it's filing or making payments, only today business owners … Continue reading Are You Struggling with HMRC’s Making Tax Digital?
Accountants and tax advisers have been able to view the VAT registration certificates of their clients listed in the old Government Gateway account (GGA) for many years. Businesses have been able to view them in the Business Tax Account (BTA). But … Continue reading HMRC removes online VAT registration certificates
Making Tax Digital (MTD) for VAT was introduced for all UK businesses making annual taxable supplies of more than £85,000 for VAT periods beginning on or after 1 April 2019. A controversial policy of HMRC has always been that a business using, for … Continue reading MTD – Recording purchase invoices for VAT