Will Making Tax Digital Apply to My Business?
Editor | 30 October 2018
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Making Tax Digital is the latest HMRC campaign to modernise tax collection and make life easier for business owners.

The first raft of changes, which affects VAT payers, will come into force on 1 April 2019. But a survey from the British Chambers of Commerce reveals that 24% of firms have never even heard of the measure.

Making Tax Digital for VAT will apply to all VAT-registered businesses that have a taxable income over the VAT threshold of £85,000.

FreeAgent, Making Tax Digital, HMRC, VAT,
Editor | 31 July 2018
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Freelancer and micro business accountancy software provider FreeAgent has been backed by HMRC to support the new Making Tax Digital (MTD) initiative for VAT.

FreeAgent is one of just a few accounting software companies to be included on the list of HMRC’s approved suppliers for VAT.

More than 130 software suppliers have told HMRC that they are interested in providing MTD software for VAT. After prototype testing of the software, only 22 suppliers have so far been approved by the taxman.

Cloud Accountant is Making Tax Digital Ready
Editor | 20 September 2018
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Cloud Accountant is ready to help contractors, freelancers and other small business owners make the most of HMRC’s new Making Tax Digital (MTD) requirements.

Having been awarded Xero’s Making Tax Digital Ready accreditation, our specialist digital accountancy practice can help small business owners put the required software and processes in place before the first MTD deadline in April 2019.

From next April, companies that exceed the £85,000 VAT revenue threshold will no longer be able submit VAT returns manually. Instead, companies will need to use HMRC-compliant software to track and submit the returns automatically.

New VAT rules for eBay and Amazon sellers
Editor | 23 March 2018
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The Government has granted HMRC strong new powers to make sure that online sellers are paying the right level of tax.

The key changes force online marketplaces like Amazon and eBay to clampdown on online sellers that aren’t paying the right level of VAT.

First announced in the Chancellor’s Autumn Budget in 2017, the new rules took effect last week.

They are designed to create a fair playing field between businesses that abide by tax laws and UK and international companies that flout them.

Financial Secretary to the Treasury, Mel Stride, said: “Whilst the honest majority pay what they owe, some businesses that sell goods online to UK shoppers are failing to pay the correct amount of VAT.