Tax blog for accountants

News and views from our experts.


What Does The Making Tax Digital Deferral Mean for Accountants?

written by Editor, 15 August 2017

Guest blog by Mark Purdue, Tax Product Manager at Thomson Reuters

deferral MTD blog

Last month, accountants welcomed the deferral of Making Tax Digital. So surely this means you can think about the extra workload for another year or two?

In short, the answer is simply: no. Mark Purdue, Thomson Reuters’ tax expert explains why in our latest on-demand webinar. He stressed that MTD is not only imminent, but is happening right now. Making Tax Digital, it seems, is inevitable.

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Share your thoughts on the Making Tax Digital deferral to win prizes…

written by Editor, 26 July 2017

MTD deferral

HMRC recently announced some major changes to the Making Tax Digital timeline, which has caused the deferral of Making Tax Digital. We are asking you to share your views on the Making Tax Digital deferral. more »


Delayed Making Tax Digital Timetable Announced

written by Editor, 14 July 2017

MTD timeline

Yesterday’s statement from the Treasury confirmed delays for the Making Tax Digital timetable. The new timeline shows that only businesses with turnover above the VAT threshold (£85,000) will need to keep digital records and will come under MTD in 2019, with other businesses coming under MTD in 2020.
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MTDiary of the First Making Tax Digital Software Pilot Participant

written by Editor, 6 July 2017

MTD Diary

Guest blog by, Gary Jacobs, Director, EaziTax

At the start of April, HMRC pushed the button on the software pilot for Making Tax Digital (MTD) with a handful of businesses and agents.

As part of the pilot process, firms will trial MTD-enabled accounting and tax software to ensure it’s fit for purpose, before the pilot is expanded from July onwards.

Gary Jacobs, Director of Eazitax, was the first accountant to enter HMRC’s MTD pilot scheme. In a passage from his diary below, Gary shares his personal experience of the MTD pilot process so far, which he read to a packed audience at Accountex last month.

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Ten Steps to Making Tax Digital

written by Editor, 15 June 2017

Making Tax Digital

Guest blog by, Mark Purdue, Product Manager – Tax Products at Thomson Reuters

Making Tax Digital (MTD) is still hitting the headlines and, despite the government’s removal of MTD clauses from the Finance Bill and the upcoming general election, the pilot program is now underway. Whilst there are still many unanswered questions, it’s still too early to tell whether the pace of HMRC’s digital transformation will change.

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Making Tax Digital – Get Your Facts Straight

written by Editor, 7 June 2017

Making tax digital

With over 91 million Google search results alone for Making Tax Digital, how can accountants cut through the noise and separate fact from fiction?
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MTD – The Reconstruction of Tax

written by Editor, 4 May 2017

Making Tax Digital – The Reconstruction of Tax

Making Tax Digital (MTD) will affect the way in which tax advisers interact with HMRC and their own clients.  At the most basic level, MTD will open up lines of communication – new reasons to talk to and engage with clients, and the availability of real time data will really benefit the profession.

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Q&A with Making Tax Digital Expert, Mark Purdue

written by Editor, 21 April 2017

Q&A with Making Tax Digital Expert, Mark Purdue

Our resident Making Tax Digital expert and Tax Product Manager, Mark Purdue, is presenting at Accountex on 10 and 11 May. Ahead of his upcoming talk, we sat down with Mark to ask him a few questions on Making Tax Digital and the event itself…

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Ask the Expert – Your Questions on Making Tax Digital Answered by Mark Purdue this Month

written by Editor, 16 March 2017

Making Tax Digital
Guest blog by, Mark Purdue, Product Manager – Tax Products at Thomson Reuters

Our resident tax expert, Mark Purdue, has been taking your questions via email around Making Tax Digital over the past couple of months. Here are the top things on accountants minds right now… more »


Onvio Tax, Making Tax Digital (MTD) software from Thomson Reuters is ready for the public beta starting April 2017

written by Editor, 9 March 2017

Making Tax Digital

Guest blog by, Mark Purdue, Product Manager – Tax Products at Thomson Reuters

“Unincorporated businesses and landlords with turnover below the VAT threshold now have an extra year, until April 2019, before they have to comply with Making Tax Digital (MTD).  This is welcomed and not unexpected news – in our own survey of UK accountants, 80% agreed that an MTD deferral until 2019 should be aligned to the VAT threshold of £83,000 and there has been intense lobbying on this very issue. more »


Making Tax Digital – What’s Covered in HMRC’s Consultation Outcome?

written by Editor, 20 February 2017

Making Tax Digital

Guest blog by, Mark Purdue, Product Manager – Tax Products at Thomson Reuters

Hopefully you’re already familiar with Making Tax Digital (MTD), but to briefly recap, it was first announced back in March 2015 in the Government’s Budget. It’s HMRC’s ambitious plan to bring tax compliance fully online by 2020. more »


Making Tax Digital: everything you need to know in one convenient place

written by Editor, 19 January 2017

Guest blog by, Chris Taylor, Marketing Assistant, Thomson Reuters

everything you need to know

So far, the journey to Making Tax Digital (MTD) has been far from smooth. A lack of transparency has left 91% of tax and accounting professionals feeling that there is not enough information available at present. To add to this, the majority of practitioners believe they have been kept completely in the dark with regards to the proposed move to digital tax accounts by 2018. more »


Making Tax Digital: The Challenge | A Guide for Sole Practitioners and Smaller Firms

written by Editor, 12 January 2017

MakingTaxDigital

Making Tax Digital: The Challenge is a helpful and honest guide written specifically for sole practitioners and smaller firms – arguably the most challenged due to limited time and resources.

Tax expert Mark Purdue provides clear insight into the potential challenges of Making Tax Digital, with supporting commentary from candid interviews with senior practitioners around three key areas: more »


Thomson Reuters and Xero have teamed up to offer an optimised workflow

written by Editor, 8 December 2016

Whitepaper

With April 2018 fast approaching, time is running out for accountants to embrace change and get their business ready for the journey to be Making Tax Digital compliant. more »


Autumn Statement – the key points for accountants

written by Editor, 23 November 2016

AutumnStatement

Guest blog by, Mark Purdue, Product Manager – Tax Products, Thomson Reuters

Traditionally, the Autumn Statement focuses on the wider economy, with less emphasis on major changes to tax legislation, and this year’s statement didn’t disappoint! more »


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