Ensuring you have the information you need to know.
Making Tax Digital (MTD) is part of the government's plan to make it easier for businesses to stay on top of their day-to-day accounts, improving efficiency, accuracy and ease of compliance.
MTD is the beginning of the end for paper-based accounting for millions of business owners and the self-employed.
From April 2019, businesses above the VAT threshold must have set up a digital tax account and file quarterly returns online. However, there are some instances in which some VAT Registered businesses can apply for MTD not to apply (on the grounds of religion, age, cost of purchasing relevant software and lack of broadband).
From April 2020 Capital Gains Tax on the sale of residential property (for individuals, not corporate bodies) falls under the MTD regime. Any capital gain has to be reported to HMRC within one month of the completion date together with the payment of any capital gains tax liability – this is regardless of whether the taxpayer already completes and submits a self-assessment tax return. We want to initiate a plan for this with our clients now, call us today.
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