The First Foundation of MTD–Tax Simplified

Posted by Capium on Apr 10, 2017 6:59:46 AM

Here at Capium, we have covered several informative blogs about Making Tax Digital (MTD) in an attempt to debunk the most common myths and to answer the most common queries our clients and readers have asked us.

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Topics: Blog, Making Tax Digital

The 4 Modifications Suggested by the Finance Bill Sub-Committee Regarding the Implementation of MTD

Posted by Capium on Apr 3, 2017 6:53:57 AM

The four main modifications put forward in the report published by the Sub-Committee to make sure that the road to the implementation of Making Tax Digital (MTD) is smooth, are listed as below:

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Topics: Blog

The Finance Bill Sub-Committee Urges Government to Delay the Implementation of MTD

Posted by Capium on Mar 31, 2017 12:54:46 PM

On 17 th March, 2017, the Finance Bill Sub-Committee published a report which underlined the need for the government to postpone the implementation of Making Tax Digital (MTD) for businesses.

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Topics: Blog

The Top 3 Takeaways from the Spring Budget 2017 for Businesses and Individuals

Posted by Capium on Mar 14, 2017 4:00:37 PM

Britain is preparing its exit from the EU, which calls for reforms focusing on economic stability. Chancellor Philip Hammond presented his first Budget to the parliament, and here are the top three features that accountants and businesses can take away from the Spring Budget.

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Topics: Blog, Business Accounting

What Does the Spring Budget 2017 Mean for SMEs?

Posted by Capium on Mar 14, 2017 3:50:32 PM

The Spring Budget for 2017 has just been announced, and there are many reforms regarding businesses that Chancellor Philip Hammond guarantees will make Britain “the best place in the world to start and grow a business.”

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Topics: Blog

How Will Artificial Intelligence Transform the Turf of Accounting in the Future?

Posted by Capium on Mar 10, 2017 10:07:02 AM

The world of artificial intelligence and human collaboration is not confined to Isaac Asimov or Arthur C. Clarke’s books anymore. With the recent advancements in artificial intelligence (AI) and machine learning, many applications are emerging to aid and intelligently automate the work processes in a business. And accounting is not behind, either.

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Topics: Blog

3 Reasons to Move Your Accounting Practice on the Cloud

Posted by Capium on Mar 10, 2017 10:06:18 AM

You have probably heard of cloud technology and systems. Most of us have used them without knowing it . For instance, if you have ever shared files on Dropbox, or used online software like Microsoft Office 365, you have used a cloud system. Basically, any system that stores your data at a remote location, and makes it accessible to you online anywhere on the planet, is a cloud system.

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Topics: Blog

Making Tax Digital—Results of Consultations

Posted by Capium on Mar 1, 2017 1:47:42 PM

In August of 2016, the government published six documents of consultation, taking into account each sector and element that could be affected with the implementation of Making Tax Digital. On the 31 st of January 2017, the responses and the changes on account of the feedback were published. Individuals and businesses had raised their major concerns about the digitalisation of the taxation system, and brought to light the perspective of the common people. Over 1,100 written responses were received by the HM Revenues and Customs. In addition to this, around 1200 online responses were received in the guide to consultations. In light of these responses, HMRC has agreed to make key changes in MTD, and promised to give consideration to some changes, such as exempting small businesses from the threshold of £10,000. The HMRC director of Business Customer and Strategy, Theresa Middleton, explained: “We have not included the exemption threshold and deferral threshold as the government has decided that it needs more time to consider these issues, but they will be confirmed before July 2017 when the legislation is laid.”

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Topics: Blog, Making Tax Digital

All You Need to Know about Making Tax Digital (MTD)

Posted by Capium on Mar 1, 2017 1:47:15 PM

HMRC is set to digitalise the taxation system in the country by the year 2020. This will be applicable for landlords, entrepreneurs and most businesses, and they would require digital tools (applications or software) to keep their accounts updated. According to the timeline published in the MTD Roadmap, the businesses will be required to make regular updates for NIC and income tax from April 2018. In addition to this, they would also need to report quarterly through their digital account. But with the vote of leaving the UN shaking up the nation, people have been wondering how it would impact the implementation of MTD.

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Topics: Blog, Making Tax Digital

Making Tax Digital (MTD) — Debunking the Myths about Making Tax Digital (MTD)

Posted by Capium on Mar 1, 2017 1:45:44 PM

In the Budget announced in 2015, the government announced a plan for the digitalisation of the taxation system, which will make Britain’s taxation system the most digitally advanced all around the globe. This system, Making Tax Digital (MTD), has been received with lukewarm support, mainly because there have been many misconceptions about it. The vote to leave the EU only six months after the announcement for MTD did not help much, either. In this post, we will debunk the most common myths surrounding Making Tax Digital.

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Topics: Blog, Making Tax Digital

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