Chartered Tax Advisers & Accountants

Making Tax Digital

The idea of Making Tax Digital was first mooted in the 2015 Autumn Statement with the announcement that the Government wanted to replace the annual tax return with some form of quarterly accounting for the self-employed, landlords and partnerships.  Limited company obligations would also follow.

The Government's consultation on Making Tax Digital closed on 7 November 2016 and M&S submitted their responses to these consultations on 4 November 2016.  Final decisions regarding the consultation were announced in February this year amidst growing concern as to how this would impact the self-employed.

Since the initial announcement the start date for Making Tax Digital has been delayed and now looks set to be phased in from April 2019.

As this is something M&S are deeply concerned about and interested in, we keep a watching brief on developments and government announcements and will provide updates as and when further announcements are made.

We hope the information in this page will prove useful to you but if you have concerns as to what these changes might mean for you or your business please contact Stewart McKinnon, Tax Director or Wendy Cheung, Tax Manager or by emailing makingtaxdigital@msactax.co.uk


The Autumn Statement - A New Chancellor but Nothing Different

Published On: 24/11/2016

The 2016 Autumn Statement marked the first statement delivered by Chancellor Philip Hammond but, despite this, served mainly to confirm old news that changes already announced would take place, rather than introduce anything significant.

Read more

Autumn Statement 2016

Published On: 23/11/2016

In terms of tax announcements we can only describe it as

 Boring Autumn Statement 2016

 

 

 

 

Nothing at all on Making Tax Digital despite previous commitments.  A more detailed analysis of the few changes announced will follow shortly.

Read more

Tax and Accountants - the Diary of a small businessman...

Published On: 03/11/2016

Post-Halloween scare stories – aka, is this 4x4 tax returns really going to cost me nearly three grand each year?

(continuing the diary of a small businessman and his attempts to understand our tax system)…

Read more