Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years. This change might seem daunting, but we’ve compiled everything you need to know so your journey into digital tax recording is as easy going as possible.
• Paper records will no longer be sufficient. Almost all businesses and landlords will now be legally required to use digital software or a spreadsheet to keep accounting records.
• Accounting records will be required to be submitted to HMRC directly from accounting software within one month of the end of each quarter.
HMRC have introduced new legislation called “The Requirement to Correct”, which requires UK taxpayers to ensure that all their foreign income and assets, where tax may be payable, have been declared to HMRC BEFORE the 30th September 2018.
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For some time now there has been a restriction, or ‘block’, on the recovery of input tax incurred on cars. There are a few exceptions to this that have crept in over the years, driving schools, taxis, and hire cars may have the VAT recovered as their use can be clearly shown as being wholly for the business – the same can apply to ‘pool’ or demonstrator cars.Read More