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


Making Tax Digital - Are We Any Further Forward?

Published On: 21/09/2016

On August, 15, HMRC announced the results of the consultation process on their proposals to radically alter the tax system.  The result was; another consultation!   More specifically, they published a further 250 pages of thoughts on Making Tax Digital (on top of the videos, etc. already produced) with the new consultation running to 7 November 2016.

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Making Tax Digital - Compulsory Change or Pay The Penalty

Published On: 21/09/2016

‘Making Tax Digital’ is a new approach proposed by HMRC to the reporting of business accounts so that the correct tax can be collected.  In essence, rather than the annual requirement to submit a tax return, HMRC now wants a return to be done once a quarter, although the tax due will only be paid annually as at present.  Businesses, of all types will have to use compatible software to keep their records, and they will, in most cases, need to pay for this software.  As awareness of these changes grows, it is starting to cause many business owners some concern.

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