What Is Making Tax Digital For VAT?
Making Tax Digital for VAT is the first of HMRC’s new digital programmes which they believe will improve the standard of record keeping by many businesses and so improve the accuracy of returns they make.
There are two elements to the new Making Tax Digital for VAT rules. These are:
- a requirement to keep business records digitally;
- a requirement to file the quarterly VAT return using API (‘application programming interface’) enabled software.
How do I register with HMRC for MTD for VAT?
Register with HMRC for MTD for VAT 7 days after you have filed and paid for your last traditional VAT return Register at least one week before your first MTD VAT Return is due. Register at ...
Which tax records do I need?
Each and every person filing for a self-assessment must have accurate and up-to-date business records from the last tax year. If left too late, record keeping can spiral out of control. To help you avoid added hassle and confusion, SimpleTax is here ...
Pension Tax Relief
Are you worried about your pension fund? Retirement is a daunting prospect, and saving for the future should always be a top priority. Today, SimpleTax will explain the basics about pension tax relief; how does it work and what are the limits? ...
VAT stands for the Value-Added Tax that's charged on most goods and services when it's provider shows a highly profitable business year. When your business income reaches the minimum HMRC threshold of £85,000 you must register for VAT. This value is ...
How to change tax year
On the left hand side of the page you will see the current tax year you are in. Press CHANGE and select the UPDATE/SWITCH button next to the tax year you wish to access. Please see the screen recording on the following link for visual ...