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


Budget 2016 - A Rabbit Or Two!

Published On: 18/03/2016

With the deferral of the pension changes, the headlines were undoubtedly the introduction of the “Sugar Tax” and the severe cuts in state benefits that had been widely forecasted.

For once, we are pleased to say that for many of our clients, the impact of the measures announced in Budget 2016 are unlikely to be significant and in certain cases favourable. Multi-nationals and soft drinks manufacturers were clearly the focus of most new tax measures whilst some of our clients will benefit from the changes announced to taxation for the Oil and Gas sector.

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