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 by emailing makingtaxdigital@msactax.co.uk


My Making Tax Digital Blog, Part VI, in which we wonder what will happen next…

Published On: 31/05/2017

Over the last few months, we’ve seen a Conservative government clobbering not just small businesses in general but also, I suspect, many of its natural supporters amongst the self-employed - not just with MTD but also with the (quickly abandoned) NIC hike and, most disastrously for many (yes, including me), the increase in the amount to be paid under the flat-rate VAT scheme.

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My Making Tax Digital, Blog Part V, it’s going to cost you…!

Published On: 16/05/2017

Making Tax Digital (MTD) is underway now, with the pilot up and running, albeit the government have admitted they are being too hasty and have knocked everything back a year.  But how much is it going to cost you, as a small (or SME) self-employed businessperson not currently using some form of acceptable software?

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My Making Tax Digital Blog, Part IV, which software solution is right for you (and me)?

Published On: 02/05/2017

If you were with me last time, I finished my last blog by noting that the cloud accounting software supplier XERO are advertising rather a lot on the radio at the moment.  Fair enough, they recognise that there is likely to be a lot more interest in their product in the next few months as small businesses realise that they will almost certainly have to do something about Making Tax Digital.  However, the fact that they are not taking part in the HMRC pilots (which is what HMRC told me) does make me think they are piggy-backing on everyone else’s efforts.

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