by VelocityAS | Jul 1, 2022 | Finance, HMRC, MTD, VAT
Sole traders and companies who have not yet finalised their plans to comply with Making Tax Digital are in the last chance saloon this month. The very latest date you have to comply with MTD for paying VAT is August 7, this is also the latest date on which you will... 
by VelocityAS | May 3, 2022 | HMRC, MTD, Tax
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from... 
by VelocityAS | Dec 1, 2021 | Accounting, Corporation Tax, Finance, HMRC, MTD, Self Assessment, Tax, VAT
Making Tax Digital (MTD) is a Government initiative that aims to provide the UK with one of the most digitally advanced tax administrations in the world. Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. MTD is being... 
by VelocityAS | Oct 1, 2021 | Accounting, Business, MTD, Tax, VAT
Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000. However, this is set to change from April 2022. Extension to all VAT-registered businesses Currently, if... 
by VelocityAS | Sep 6, 2021 | HMRC, income, MTD, Self Assessment, Tax
HMRC have been consulting on the reform of the basis period rules in preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA), which comes into effect from April 2023. A consultation paper was published in July 2021, which sets... 
by VelocityAS | Mar 1, 2021 | HMRC, MTD, Tax
The Government would like to hear your views on proposals for a new process for keeping records for corporation tax purposes and reporting tax information to HMRC, known as Making Tax Digital (MTD). Your comments will help ensure that the design makes it as easy as...