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

Making Tax Digital—Results of Consultations

Posted by Capium on Mar 1, 2017 5:01:00 PM

 

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Topics: Making Tax Digital

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

Posted by Capium on Mar 1, 2017 5:00:00 PM

 

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Topics: Making Tax Digital

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

Do You Have any Reason to Worry about Brexit and its Impact on MTD?

Posted by Capium on Jan 30, 2017 5:06:00 PM

 

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Topics: Making Tax Digital

Making Tax Digital (MTD) and the Impact of Brexit

Posted by Capium on Jan 23, 2017 12:00:00 AM

 

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Topics: Making Tax Digital

Making life easy with bulk Employer Payment Summary (EPS)

Posted by Capium on Sep 30, 2016 4:57:00 PM

 

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Topics: Making Tax Digital

Things to know about Making Tax Digital

Posted by Editor on Sep 9, 2016 3:05:34 PM

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.

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Topics: Blog, Business Accounting, Making Tax Digital

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