Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep...
HMRC have issued new guidance on the penalties that they impose for non-compliance with the Making Tax Digital (MTD) for VAT rules. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’. ...
CAPITAL ALLOWANCES ON PLANT IN RESIDENTIAL PROPERTY The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways,...
MTD COMING SOON FOR INCOME TAX VAT registered businesses making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which is...
For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible...
Working with your accountant in a post-MTD era Picture it. It’s tax deadline week, and you’re not stressed. You don’t have to rummage through boxes or filing cabinets looking for invoices or receipts. Everything is in hand, and you’re entirely relaxed. Is it all a...
