{"id":866,"date":"2020-07-31T07:22:00","date_gmt":"2020-07-31T07:22:00","guid":{"rendered":"https:\/\/gnc-accounting.co.uk\/?p=866"},"modified":"2020-07-31T07:23:07","modified_gmt":"2020-07-31T07:23:07","slug":"making-tax-digital-what-does-it-mean-for-you","status":"publish","type":"post","link":"https:\/\/gnc-accounting.co.uk\/making-tax-digital-what-does-it-mean-for-you\/","title":{"rendered":"Making Tax Digital &#8211; What Does It Mean for You?"},"content":{"rendered":"<p>[et_pb_section bb_built=&#8221;1&#8243;][et_pb_row][et_pb_column type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;3.13&#8243;]<\/p>\n<p>Some big news about the Government&#8217;s ambitious push on Making Tax Digital programme:<\/p>\n<ul>\n<li>From April 2022 \u2013 the voluntarily VAT-registered (VAT-able turnover below \u00a385K) will be required to <em>digital tax service<\/em>\u2019 and move to keeping digital\u00a0VAT records and submit VAT returns using MTD-compliant software.<\/li>\n<\/ul>\n<ul>\n<li>From the first day of their annual accounting period starting in the 2023\/24 tax year, income tax requirements will apply to the self-employed with annual turnover above \u00a310K.<\/li>\n<\/ul>\n<p>There is a new determination to change the way the self-employed are taxed and managed. This arises from the Chancellor\u2019s difficulties in devising a workable and fair coronavirus support scheme for the self-employed.<\/p>\n<p>[\/et_pb_text][et_pb_button _builder_version=&#8221;3.13&#8243; button_text=&#8221;Read more &#8221; button_url=&#8221;https:\/\/www.aatcomment.org.uk\/accountancy-resources\/making-tax-digital\/what-the-new-making-tax-digital-programme-will-mean-for-businesses&#8221; url_new_window=&#8221;on&#8221; button_alignment=&#8221;center&#8221; \/][et_pb_divider _builder_version=&#8221;3.13&#8243; color=&#8221;#4b86b4&#8243; divider_weight=&#8221;2&#8243; saved_tabs=&#8221;all&#8221; \/][et_pb_blurb _builder_version=&#8221;3.13&#8243; title=&#8221;Making Tax Digital is a key part of the government\u2019s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.&#8221; text_orientation=&#8221;justified&#8221;]<\/p>\n<p><abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>\u2019s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital is making fundamental changes to the way the tax system works \u2013 transforming tax administration so that it is:<\/p>\n<ul>\n<li>more effective<\/li>\n<li>more efficient<\/li>\n<li>easier for taxpayers to get their tax right<\/li>\n<\/ul>\n<p>[\/et_pb_blurb][et_pb_divider _builder_version=&#8221;3.13&#8243; color=&#8221;#4b86b4&#8243; divider_weight=&#8221;2&#8243; saved_tabs=&#8221;all&#8221; \/][et_pb_text _builder_version=&#8221;3.13&#8243;]<\/p>\n<p>Discover <a href=\"https:\/\/www.gov.uk\/government\/publications\/making-tax-digital\/overview-of-making-tax-digital\">more resources<\/a> about MTD programme, and as always, get in touch with us if you have questions&#8230;<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some big news about the Government\u2019s ambitious push on Making Tax Digital programme &#8211; read more in our blog <\/p>\n","protected":false},"author":2,"featured_media":873,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"_links":{"self":[{"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/posts\/866"}],"collection":[{"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/comments?post=866"}],"version-history":[{"count":6,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/posts\/866\/revisions"}],"predecessor-version":[{"id":874,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/posts\/866\/revisions\/874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/media\/873"}],"wp:attachment":[{"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/media?parent=866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/categories?post=866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/tags?post=866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}