Tag Archives: making tax digital

Are you ready for Making Tax Digital for VAT from 1 April?

From 1 April 2022, all VAT registered businesses must file digitally through Making Tax Digital, regardless of turnover. Are you signed up to file your VAT returns digitally from 1 April? If your business is VAT registered, it will need to file VAT returns directly from MTD compatible software. Within the software, there should be…

Making Tax Digital (MTD) coming soon for income tax

VAT registered business 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 scheduled to start in April 2023. The obligation to keep records in a digital format and report information quarterly…

How will making Tax Digital (MTD) apply to you?

Every taxpayer in the UK, whether a business or individual, will have a Digital Tax Account set up with HMRC and all tax data will be held in one place in this Digital Tax Account (but not all at once). Paper records will no longer be sufficient or allowed. For VAT registered businesses with a…

Are you ready to submit your first VAT return under the Making Tax Digital (MTD) rules?

If you would like further information there are webinars available from HM Revenue & Customs at https://www.gov.uk/guidance/help-and-support-for-making-tax-digital The webinars are on various dates throughout May. If you need any other assistance please contact us.    

Making Tax Digital (MTD) and Farming

MTD, farming, VAT, Xero

As you will have no doubt heard, HM Revenue & Customs (HMRC) are introducing a new way to file a business’ VAT returns from 1 April 2019. For VAT registered businesses with a turnover over the VAT threshold, currently £85,000, this is generally mandatory – there are exceptions, via religious beliefs, age exception and internet…

BITE 2018 Recap: How accounting sits at the core of your business

Xero, tech, BITE 2018

On Friday the 12th of October, 2018, hundreds of business owners descended on Carlisle Racecourse to spend the day learning about Business, Innovation, Technology, and Efficiency. Or ‘BITE’ for short. Saint & Co. welcomed a number of guest speakers to the stage to share their insight and expertise. And we couldn’t be more pleased to…

Ignore Making Tax Digital at your peril!

Xero, HMRC, VAT

Less than 6 months now to go until tax gets digital via H M Revenue and Customs’ (HMRC) “Making Tax Digital” initiative. Yet a huge 40% of the affected businesses know nothing about it and have made no plans to conform with the new requirements for submission of their VAT Returns. From 1 April 2019…

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 that links to the Government gateway. There will however be a one year…