What is Making Tax Digital?
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient, and easier for taxpayers.
Making Tax Digital for business (MTDfb) begins on 1st April 2019 with MTD for VAT. From that date, VAT-registered businesses above the threshold of £85K will have to keep digital records and submit VAT returns using compatible software.
Other components of MTD, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest.
Effective – Tax recording will be more accurate, providing fewer opportunities for errors, miscalculations and fraudulent activity.
Efficient – The process will be faster and more automated for businesses, accountants and HMRC.
Easier – With the right software, Making Tax Digital will make it easier for small businesses to record and file their tax returns online.
The GJA ‘Cloud Computing’ team are working hard to ensure all clients are MTD ready. Should you need to discuss MTD and the options available for compatible software, please do not hesitate to get in touch. We would love to hear from you.
Working from home allowance...
If an employer requires an employee to work from home, the employee is entitled to claim under the working from home allowance, to cover increased costs, eg, heating and electricity.HMRC states that t...
Posted by:
Sarah Wood | October 23, 2020
COVID-19 New Support Measures Update...
Following recent announcements, please see attached our updated factsheet with detail on the updated COVID Support Measures. A summary of the points discussed in the factsheet include:COVID-19_Support...
Posted by:
David Murphy | October 16, 2020
Podcast – COVID19...
Our own MD Chris Wood was invited as a guest on a new business podcast earlier last week to discuss all things COVID19! The new podcast also included HR and Legal expert guests, discussing how busines...
Posted by:
David Murphy | April 14, 2020
Government assistance...
COVID-19 UPDATE March 13, 2020We have recently sent out a newsletter covering the main points from the Budget. We are still waiting for further details on a majority of the announcements. However, we ...
Posted by:
Sarah Wood | March 16, 2020
Small Steps...
Last Sunday marked the 50th Anniversary of Neil Armstrong, Edwin Aldrin and Lt Col Michael Collins taking humankind’s first steps on the moon and the famous line “That's one small step for man, one gi...
Posted by:
Ryan Bains | July 24, 2019
