The HMRC’s Making Tax Digital (MTD) mandate was designed to simplify and expedite tax reporting, with advantages, according to their gov.uk website that include: Making it easier for individuals and businesses to get their taxes right Allowing businesses to integrate tax management with a range of business processes through software Contributing to wider productivity […] … Read More
The complexities of understanding and managing indirect taxes when doing business within the UK can be daunting. In addition to a plethora of ever-evolving domestic regulations and requirements complicated by Brexit, businesses in the UK must also consider challenges in complex areas such as customs and exports. Compliance becomes more challenging every year with tax […] … Read More
By now, you will have seen that Making Tax Digital for Self Assessment (MTD) has been deferred again. The main headline was that the mandation date has been pushed back from April 2023 until April 2024 for affected individuals, and April 2025 for most partnerships. So, why has this change occurred? Two main reasons were […] … Read More
The MTD pilot continues to progress, and we are nearing the time when the first quarterly submission can be made to HMRC. Whether you are taking part in the pilot or not, it may feel like mandation in 2023 is a long way off. Although nearly two years away, it’s not too soon to start thinking […] … Read More
Last month, I provided an overview of our involvement in the Making Tax Digital (MTD) pilot to date, and the various streams of work we were undertaking to prepare. This month, I will cover an update on the progress, and why you should start thinking about engaging with clients, when the time is right. The pilot has […] … Read More
Last month, I provided an update on how Making Tax Digital (MTD) mandation in April 2023 may impact you and your clients. This month I will focus on what steps are happening at Thomson Reuters today to help prepare for the pilot. Onvio is our cloud product with capabilities around document management and collaboration, eSigning […] … Read More