This week the first of two CPD webinars, which will look at Making Tax Digital (MTD) for income tax from different angles, will take place. More details on each are available below. Once again, we encourage members with clients affected to book onto both of these webinars. HMRC has also recently launched a new software choices page.
CPD webinars
Tim Palmer’s two hour CPD webinar takes place later this week on Thursday 11 September and is still open for booking. This webinar will deal with the detail of the technical rules and practicalities of MTD. Planning opportunities will also be considered. Next week at 1pm on Tuesday 16 September, HMRC are delivering a 1 hour webinar which will mainly focus on key readiness tips for agents and taxpayers. Spaces are still available to book.
The detailed agenda for Tim Palmer’s webinar is as follows:
- The requirements of MTD for income tax,
- Which self-employed individuals and landlords will be mandated to comply,
- The turnover test,
- Digital record-keeping,
- The submission of quarterly updates, including what must be submitted,
- The election to use calendar quarters instead of fiscal quarters,
- Traders with turnover below the VAT threshold,
- The submission of the final declaration,
- Planning opportunities,
- The software decision,
- Practical case studies,
- The transitional rule,
- Pre-populated income,
- The impact on the construction industry, and
- A general overview of MTD for income tax.
The HMRC led webinar on 16 September will be delivered by Sam Wood BSc ACA. Sam works with agents within HMRC’s MTD programme and has a background in accounting and digital transformation. Sam is responsible for Cross Cutting Stakeholder Engagement, Policy and Strategy at HMRC and is a Chartered Accountant and a member of ICAEW with wide experience of MTD from its inception.
Software choices page
The software decision is a vital one for both agents and taxpayers affected by MTD for income tax. In recognition of this, HMRC has been working in recent months to enhance the support available to users selecting MTD for income tax compatible software. A new and improved software choices tool (which HMRC refers to as a ‘MVP’ (Minimum Viable Product)) was launched over the summer to help users find the right product for their needs.
This new tool builds on the existing software choices guidance page, which has also been significantly updated. According to HMRC, it reflects extensive user research and close collaboration with external delivery partners and stakeholders, to ensure it is shaped by real user needs and experiences. Importantly, it is designed to be intuitive and accessible and should be of assistance in helping all taxpayers (including those without an appointed agent) navigate their options.
However, HMRC is reminding users that this is an early iteration of the tool. The aim overall is to empower more users to take the next step in their MTD journey independently.
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