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Posts Tagged ‘MTD’

MTD For VAT For All

MTD For VAT For All

Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for...

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March Budget 2021: What You Need To Know

March Budget 2021: What You Need To Know

In the Chancellor’s second real Budget on 3 March 2021 he announced that he had to level with people about the state of the UK economy. Rishi Sunak has chosen a fine line between raising taxes to start paying down the...

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A Guide To The Budget 2020

A Guide To The Budget 2020

On 11 March 2020, the Chancellor of the Exchequer, Rishi Sunak, delivered his first Budget in the House of Commons. Just before the Budget announcement, Mark Carney from the Bank of England announced a reduction in UK interest rates from 0.75%...

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MTD Software – What Do You Need?

MTD Software – What Do You Need?

Making Tax Digital (MTD) for VAT went live on 1 April 2019. VAT registered businesses with VATable turnover above the VAT registration threshold of £85,000 are required to comply with the requirements of MTD for VAT from the start of...

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Keeping Records Of Rental Income And Expenses

Keeping Records Of Rental Income And Expenses

Unless rental income is less than £1,000, landlords must declare it to HMRC and pay tax on any profit made by the property rental business. The profit can be calculated by deducting allowable expenses from rental and other income of the...

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Making Tax Digital – Are You Ready For It?

Making Tax Digital – Are You Ready For It?

Making Tax Digital (MTD) is a major overhaul of the UK tax system. Originally announced during the 2015 Budget, MTD is a new method of tax collection and administration from HMRC which, from 1 April 2019, will require businesses who...

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