CRW Accountants

The Mews, Queen Street
Colyton, Devon, EX24 6JU
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 01297 553286

Search News


Using software to make Income Tax updates

Source: HM Revenue & Customs | | 06/11/2018

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account.

The new regime is due to start in April 2019 for VAT purposes only, when some 1 million businesses with a turnover above the VAT threshold will be required to keep their records digitally and provide their VAT return information to HMRC using MTD compatible software.

HMRC is also allowing a number of taxpayers and agents to use software to make Income Tax updates. This is part of a live pilot to test and develop the MTD service for Income Tax. As part of the MTD pilot taxpayers (or their agents) may be able to send Income Tax updates to HMRC on using software, instead of filing a Self Assessment tax return.

The introduction of MTD was first announced as part of the March 2015 Budget measures, and will ultimately see HMRC move to a fully digital tax system. An official launch date for the MTD service for Income Tax has yet to be announced, but it is unlikely to be before April 2020.

Latest News

  • OTS Business lifecycle review

    24/10/2018 - More...

    You may be aware the Chancellor asked the OTS to review the difficulties faced by small business and their advisers when interacting with the tax system, at the various pinch

  • Could you claim expenses and an early tax refund?

    04/12/2018 - More...

    HMRC is reminding employees that they may be able to claim a tax rebate if they have incurred certain expenses related to their employment. HMRC’s press release on the matter

  • X-factor VAT bonus

    04/12/2018 - More...

    The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the

 

 

           

Copyright © 2018 - CRW Accountants

designed by Zoe Adele Parsons MA

Cookie Policy