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Making Tax Digital

Accounting Software For Landlords

When choosing accounting software, there are a few key features to look for. Surprisingly, not all accounting software will work for landlords. In fact, the majority of accounting software does not accommodate smaller landlords who operate as individuals, own less than 5 properties and don’t treat property as their primary income. With Making Tax Digital […]

Read more November 22nd, 2022

End Of Online VAT Submissions Portal

HMRC has announced that businesses will no longer be able to use their existing VAT online accounts to file quarterly and monthly VAT returns. The current HMRC online portal is closing on 1 November 2022. After this date, all VAT returns will need to be filed through digital-compatible software to stay compliant and avoid potential […]

Read more October 10th, 2022

Self-Employed Need To Plan For Big Tax Bills In 2023/24

The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April instead of the profit/loss of an accounting period ending in the tax year. This means […]

Read more September 7th, 2022

More Details Of MTD For Income Tax Reporting

HMRC are currently consulting on the precise details of what needs to be reported each quarter. As expected, it seems the accounting software will need to record and report income and expenditure in the same categories currently used for self-assessment. The main categories are: Turnover/gross rents Costs of goods sold Materials Wages and salaries of […]

Read more August 4th, 2022

Making Tax Digital – 2022 Update

Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep records in a digital format and report […]

Read more August 3rd, 2022

MTD For VAT – New Guidance On Penalties

HMRC have also issued new guidance on the penalties that they impose for non-compliance with the Making Tax Digital (MTD) for VAT rules. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’. Functional compatible software means a software program, or set of […]

Read more July 7th, 2022

Prepare Your Business For Making Tax Digital For VAT

Making Tax Digital (MTD) for VAT becomes mandatory for all VAT registered businesses from 1 April 2022. Businesses with a taxable turnover above £85,000 have already been required to follow Making Tax Digital, keeping digital records and filing VAT returns using compatible software since April 2019. From 1 April 2022, all VAT registered businesses must […]

Read more February 15th, 2022

MTD For Income Tax Postponed To 2024/25

Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024. This will give the self-employed and buy to let landlords an extra year to […]

Read more October 13th, 2021

MTD Coming Soon For Income Tax

VAT registered businesses making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which was originally scheduled to start in April 2023. However, delays to MTD means it will be starting on 6 April […]

Read more August 13th, 2021

Making Tax Digital Extended To More Businesses

Currently, only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software. MTD for VAT is now being rolled out to all VAT registered […]

Read more May 12th, 2021

Important Update On VAT Returns Submissions

Following the original implementation of Making Tax Digital in April 2019, initially for VAT-registered businesses over the VAT threshold, it has been fairly quiet especially after the postponement by a year of further implementations was announced in the summer. The next wave of businesses required to register and comply with MTD are the remainder of […]

Read more November 19th, 2020

MTD For VAT Extended To 2022

Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software. From April 2022 these requirements will apply to all VAT-registered businesses. It has also been announced that MTD for Income Tax […]

Read more September 8th, 2020

QuickBooks Online Special Offer

How are you doing your bookkeeping? Are you online with your Bookkeeping? Can you access it anywhere? Why use QuickBooks Online? Now is a good time to move to the cloud. Our COVID-19 Offer – Available until 31 August 2020 At Shapcotts Accountants we are offering clients the Plus Version of QuickBooks Online for £12.00 […]

Read more May 21st, 2020

Apply For More Time For MTD Digital Links

For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software. That is the end of the current 12 month “soft landing” extension. Businesses […]

Read more November 11th, 2019

Making Tax Digital Delayed For Landlords

Over the last few months, HMRC has made an announcement that they will not be introducing any additional tax requirements in 2020. This does not mean that the Making Tax Digital changes will not happen. HMRC has been clear that it will. It is merely a matter of a further delay to the implementation for […]

Read more October 9th, 2019