BUSINESS & FINANCE
MAKING TAX DIGITAL SOON
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We are able to provide assistance with: Self assessment
We are able to provide assistance with: Corporate sales and purchases VAT Business Self Returns assessment Divorce &planning separation agreements We are able to provide assistance with:
Self-employed? You have a year’s grace to prepare for major changes to the tax returns system, explains Rebecca Jones
Accounts preparation
Limited company audits Financial Accounts preparation Corporateservices sales and purchases Self assessment Divorce & separation agreements Tax VATplanning Returns Business planning Accounts preparation Corporate sales and purchases Making Digitalaudits LimitedTax company Financial services VAT Returns Business planning HMRC enquiry investigations Tax planning Limited company audits Financial services Business & fault reviews Making Tax Digital Tax planning HMRC enquiry investigations Visit our website at www.dre.co.uk Making Tax Digital Business & fault reviews HMRC enquiry investigations
T
he introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) has been delayed by one year until April 2024. This change was announced in a Written Statement to Parliament. The reason for the delay was given as combination of the issues many UK businesses and their representatives are facing as a result of the pandemic as well as feedback from interested parties. MTD for ITSA will fundamentally change the way businesses, the self-employed and landlords interact with HM Revenue & Customs (HMRC). The regime will require businesses and individuals to register, file, pay and update their information using an online tax account. From April 2024, the rules will apply to taxpayers who file self-assessment tax returns with business or property income over the amount of £10,000 annually. General partnerships will not be required to join MTD for
“You will fi le, pay and update tax information using an online account” ITSA until a year later, in April 2025. The date other types of partnerships will be required to join will be confirmed in the future. The new system of penalties for the late filing and late payment of tax for ITSA will also be aligned with the new MTD dates. Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the programme. The pilot is not affected by the delay and will be extended in 2022-23 in preparation for wider testing in 2023-24. Under the pilot, qualifying landlords and sole traders (or their agents) can use software to keep digital records and send income tax updates instead of filing a self-assessment return. The MTD regime started in April 2019 for VAT purposes only, when businesses with a turnover above the VAT threshold were mandated to keep their records digitally and provide VAT return information to HMRC using MTD compatible software. From April 2022, MTD will be extended to all VAT-registered businesses with turnover below the VAT threshold of £85,000. At DRE & Co we have a wealth of experience with both MTD and accounting software and can provide assistance for those that require help with the transition. Rebecca Jones BA (Hons), ACA, CTA is a director at DRE & Co chartered accountants in Oswestry. Call 01691 654353 or see www.dre.co.uk
Divorce & separation agreements
Business & fault reviews Visit our website at www.dre.co.uk
Visit our website at www.dre.co.uk Oswestry
Shrewsbury
Ludlow
Newtown
Wrexham
Knighton
01691 654353
01743 241581
01584 875715
01978 310600
01547 528383
Shrewsbury@dre.co.uk
Ludlow@dre.co.uk
01686 626534
Oswestry
Shrewsbury
Ludlow
Newtown
Wrexham
Knighton
01691 654353
01743 241581
01584 875715
01686 626534
01978 310600
tax@dre.co.uk
tax@dre.co.uk
Shrewsbury@dre.co.uk
Ludlow@dre.co.uk
Newtown@dre.co.uk
Newtown@dre.co.uk
Wrexham@dre.co.uk
Wrexham@dre.co.uk
Knighton@dre.co.uk
01547 528383
Knighton@dre.co.uk
Oswestry Shrewsbury Ludlow At So Chic you can shop for
Newtown
Wrexham
Knighton
tax@dre.co.uk
01686 626534
Newtown@dre.co.uk
01978 310600
01547 528383
01691 654353elegant, 01743 wearable 241581 01584 875715 timeless, Shrewsbury@dre.co.uk
Ludlow@dre.co.uk
designer clothing and accessories for all occasions. We make shopping an enjoyable experience in a relaxed environment, with friendly service and professional advice.
Wrexham@dre.co.uk
Knighton@dre.co.uk
LABELS INCLUDE:
• • • • • •
IAN STUART CONDICI INSPIRATO JOHN CHARLES IRRESISTIBLE VINI INFANTINO
www.sochicbangor.co.uk
01248 372283
email: info@sochicbangor.co.uk
MULTI AWARD WINNING LADIES BOUTIQUE
Opening times: Monday - Friday 10am - 5pm, Saturday 9.30m - 5pm Evening appointments also available
154 High Street, Bangor, Gwynedd, LL57 1NU
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