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


My Making Tax Digital Blog Part II, free trial, FreeAgent plus some more cynicism

Published On: 25/04/2017

Hopefully you’ll recall in my earlier blog, I’m taking part in HMRC’s pilot to evaluate the MTD software that businesses like mine – and if you’re self-employed then almost certainly yours too – are going to a have to use from April next year.

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My Making Tax Digital Blog, Part III, in which HMG decides to hit the pause button

Published On: 20/04/2017

I am sure that you know by now that the government has decided that their plans for Making Tax Digital were perhaps a tad rushed and consequently it’s better that we have another year to prepare for this seismic shift, which my friends at M&S tell me is the biggest change in the tax system since self-assessment.

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