Monthly Archives: October 2018

Latest Updates on Making Tax Digital for VAT

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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How to prepare for digital tax
Making Tax Digital (MTD) is quickly approaching. The system, which is designed to make tax more efficient has seen many timeline changes and will affect all businesses in the UK once fully implemented.

The next big milestone on the journey to a digital tax system comes in April 2019. From this date, businesses with a taxable turnover of above £85,000 will need to keep VAT records digitally and file their returns using software that’s compatible with MTD; this will impact around 1 million businesses in the UK.

On the 16th October 2018, HMRC launched a private pilot, inviting around 500,000 businesses to try the new online VAT service.

Find out more about the pilot scheme, the latest updates to MTD in regards to VAT and how you can ensure you are prepared if your business will be required to fulfil MTD obligations from April 2019.

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Reversal of Plan to Scrap Class 2 NICs – What It Means for the Self Employed

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Vibrant overvew of london image

The Government’s plan to abolish Class 2 NICs by April 2019 has been shelved, with no chance of the abolishment of Class 2 NICs taking place during this parliament.

The planned move, which could have benefited self-employed workers earning more than £6,205 per annum, was dropped under the premise that lower earning self-employed workers would have seen their voluntary payments increase significantly.

Find out more about the change, the current rates of National Insurance for the self-employed and how you can ensure you’re paying the correct National Insurance Contributions (NICs).

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