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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
Making Tax Digital 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.
MTD for income tax – Quarterly information to be reported by businesses
Making Tax Digital (MTD) for Income Tax will apply to sole traders, property landlords and certain other businesses with gross turnover and/or property income over £10,000 a year and will commence in April 2024.
MTD for VAT – new guidance on penalties for non-compliance
HMRC have also issued new guidance on the penalties that they impose for non- compliance with the Making Tax Digital (MTD) for VAT rules.
Making Tax Digital for VAT – New penalties for non-compliance
HMRC have issued guidance for VAT-registered business and their agents on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules.
Making Tax Digital For VAT HMRC Webinar
As you are aware, from April 2022, all VAT-registered businesses, including those with a taxable turnover below the VAT threshold will have to keep VAT records digitally and send returns using Making Tax Digital (MTD) compatible software.
Making tax digital 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)
Big tax bills for the self-employed in 2022/23
Last month we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year.
Making tax Digital for income tax coming soon
Making tax Digital coming soon for income tax:
VAT registered business 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 is scheduled to start in April 2023.
Making tax digital now 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.
Services
Our Services
Accounting services tailored to your business needs.
Our dedicated team of chartered accountants have over 40 years of combined experience, providing full accounting services to help your business stay financially healthy. Our aim is to take the stress away from you to keep you doing what you do best, whilst we ensure your business complies in accordance with HMRC Guidelines.
A&C Chartered Accountants provide services that can be unique to your business. The team specialise in different areas to ensure the services are right for you and your business. Our team have a wealth of experience working with businesses of all sizes. Our accounting services exist to help your business stay financially healthy. We work with you to provide the best possible tax efficient solutions whilst ensuring your are compliant in accordance with HMRC guidelines.
Bookkeeping
Whether you need us to look after your bookkeeping or need require full outsourced control, our team can do it all. Hand it all over to us and concentrate on your business.
Personal Tax
We look at ways you can reduce your overall tax liabilities and offer a range of personal tax services individuals, companies and partnerships.
Tax Services
Taking the stress away from you, we ensure your tax returns are completed on time, whilst suggesting improvements to get you the best possible return.
Annual Accounts
Annual accounts and reports are prepared to meet the legal requirements of HMRC and Companies house.
Financial Forecasting
We will produce a reliable financial forecast to ensure your business is on the track for growth.
Payroll
Our aim is to reduce your worry by taking care of all your payroll needs, however big or small, our team are here to take over.
What type of business are you?
I AM A START UP
We specialise in start ups and partner with you to give you the confidence to succeed.
I AM GROWING MY BUSINESS
Optimising your current position to help your future.
I AM AN ESTABLISHED BUSINESS
Working with your unique needs to keep your business thriving.
Our aim is to ensure the running of your business is as hassle-free as possible. That is why we are also able to leverage the excellent contacts we’ve developed over the years to help you with additional services such as wealth management, human resources, and even digital design. Whatever you and your business needs, we’re here to help. Contact our team today to discuss your accounting requirements.
Why choose A&C Chartered Accountants?
Innovation
Work from anywhere and everywhere with our efficient cloud accounting systems; Xero and Sage Business Cloud. Being at the forefront of the latest technology is our speciality.
Efficiency
Time is the most precious resource we have. A&C will ensure all your accounting needs are met on time, with the highest level of care and accuracy.
Success
Our aim is to give your business the confidence it needs to grow and continue to be successful. We partner with you to ensure this happens.