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... 
by VelocityAS | Dec 2, 2020 | Business, MTD, Tax
Earlier this year, the Government published a timetable for taking the Making Tax Digital (MTD) programme forward. As part of that programme, MTD will be extended to corporation tax. Although, this will not be mandatory until at least 2026, HMRC are now consulting on... 
by VelocityAS | Oct 27, 2020 | IT, MTD
At Velocity Accounting Solutions, we always promote best practice when it comes to implementing an effective accounts infrastructure for your business. Regardless of whether you are a single person business or employ multiple staff, we treat all our clients the same...