Changes to the tax basis period coming in the tax year 2023/24 will alter the way tax liability is calculated for unincorporated businesses (sole traders and partnerships). Here we answer your questions about basis period reform.
HMRC’s flagship programme to move all its tax services online, has seen many stops and starts over the years. So where are we up to now with Making Tax Digital?
Making Tax Digital (MTD) is at the heart of the government’s vision to transform tax administration. We’ve already got MTD for VAT and, following the recent consultation process, Making Tax Digital for Corporation Tax is on its way.
Taxpayers can already use their online Business Tax Account for their dealings with HMRC but it is not currently essential. This is set to change with Making Tax Digital.
From 1 April 2019, certain businesses will be required to comply with the government’s new Making Tax Digital (MTD) regime. MTD represents a significant change to the way taxpayers keep their accounting records and submit information to HMRC. Will you be affected? And what should you do to be compliant?
In early 2017, the government announced that the first businesses to enter the new Making Tax Digital (MTD) regime would be those operating above the VAT-registration threshold. We now have more details about what those businesses will have to do, and when.