Making Tax Digital

Making Tax Digital (“MTD”) is the most fundamental change to the administration of the UK tax system since the introduction of self-assessment. As implementation of the project is rolled out and the legislation is developed and enacted, the Institute will support its members. These pages will be updated with news, developments and resources to help you get ready for this fundamental change. MTD commences with VAT from April 2019. The project is expected to be rolled out to other taxes, starting with income tax.

Latest news

Tax UK

HMRC's Talking Points webinars are designed to provide information, guidance and tips on tax issues. See the list of Talking Points webinars coming up. There are a limited number of spaces, so save your place now. If you have any questions about what the review means for your clients, please send them to team.agentengagement@hmrc.gov.uk prior to the webinar, including the title of the webinar in the ‘Subject’ line of your email. We will answer as many as we can on the day. Off-payroll working rules from April 2020:Choose a date and time VAT reverse charge on construction services: Choose a date and time Making Tax Digital – latest update: Choose a date and time Capital Allowances for the self-employed: Wednesday 4 March – midday to 1pm Statutory Maternity and Paternity Pay: Thursday 12 March  – midday to 1pm

Feb 17, 2020
Tax

Currently, the scope of Making Tax Digital (MTD) for VAT only covers submission of VAT returns. Other services are not currently included and these continue to be available in their previous form except for submissions of a Reverse Charge Sales List (RCSL). RCSL returns cannot be filed by businesses that have signed up to MTD for VAT. HMRC’s service availability page reads as follows in that respect: ‘Customers that have signed up to Making Tax Digital for VAT are not yet able to submit details of their Reverse-Charge Sales List returns using this service. We are working to provide the functionality to allow you to do this. In the meantime if you have joined Making Tax Digital and are required to continue making Reverse-Charge Sales List declarations, you should continue to keep the relevant records and information. No penalties will be charged as a result of any delay.’  

Jan 20, 2020
Tax UK

Updated MTD for income tax software and guidance on VAT groups feature this week. Check the status of overseas corporate lenders who are passport holders for double tax relief on UK loan interest Search the updated HMRC list of professional bodies approved for tax relief Business promotions (VAT Notice 700/7) has been updated The list of software that’s compatible with Making Tax Digital for income tax has been updated Updated guidance on VAT groups has been published See changes to the VAT MOSS rate for other countries HMRC has published an off-payroll working factsheet for contractors covering the reforms to the off-payroll working (IR35) rules from April 2020 Scotland is to go ahead with a Budget on 6 February 

Jan 20, 2020