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 will also follow.  As more and more people become aware of this "quarterly reporting", concern is growing as to how this will impact on the self-employed.  

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.  We expect final decisions regarding the consultation will be announced in the forthcoming 2016 Autumn Statement on 23 November.  As M&S are deeply concerned about these changes and their potential impact, we will be watching the Autumn Statement more closely than usual, and will provide our usual summary shortly afterwards.

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.

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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.

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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)…

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