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.
Both Making Tax Digital (MTD) and Brexit have created ripples in the country and have affected many industries. While the responses to Brexit were mostly on the negative side, the responses to the announcement of the implementation of MTD had quite mixed reviews. People have been wondering what the digitalisation of the taxation system may mean for them, and the vote to leave the EU has caused some delays in the progress of various developments, including that of MTD.
Making Tax Digital (MTD) was announced in the March Budget of 2015, with the details being provided in the Autumn Statement 2015. The program was announced to initiate building of a transparent and more efficient taxation system, which would be fit for this digital age where everything is digitised.According to Jane Ellison, financial secretary to the Treasury,
The Government recently published the draft Finance Bill 2017 provisions. The publication holds major events for both individual and corporate taxpayers and advisers. One of these events is the simplification of the PAYE Settlement Agreements administration. Here’s what you need to know about it:
Capium offers a unique combination of six completely integrated modules that serves for all your accounting needs. Integration amongst all these modules significantly reduces the burden of manual inputs and efforts as it automates the process to a very large extent.
Employer Payment Summary is the most common way of informing HMRC about the amount that is to be recouped. If entitled to any employment allowance, you may simply send an EPS to notify HMRC about this. As the former cannot be automated, we have now automated the latter i.e. EPS for claiming employment allowance.
Bulk payroll is a comprehensive tool which allows accountants and practitioners to automate FPS (Full Payment Summary) submissions for a number of Clients with just a click.
Transformation of the entire taxation procedure by 2020 is the next target set and we are all about to experience a digital evolution in the traditional procedures which will eventually benefit numerous people and companies. Simplifying tax, making tax digital for individual tax payers & businesses and bringing tax in one place are the core elements based on which modifications will occur.
The UK limited companies and limited liability partnerships (LLP) will have to file an annual confirmation statement in place of an annual return beginning 30th June 2016.