Making Tax Digital for income tax in the UK
Zapisane w:
| Wydane w: | Accountancy SA (Jun 2024), p. 104 |
|---|---|
| 1. autor: | |
| Wydane: |
South African Institute of Chartered Accountants
|
| Hasła przedmiotowe: | |
| Dostęp online: | Citation/Abstract Full Text Full Text - PDF |
| Etykiety: |
Nie ma etykietki, Dołącz pierwszą etykiete!
|
MARC
| LEADER | 00000nab a2200000uu 4500 | ||
|---|---|---|---|
| 001 | 3082841638 | ||
| 003 | UK-CbPIL | ||
| 022 | |a 0258-7254 | ||
| 035 | |a 3082841638 | ||
| 045 | 2 | |b d20240601 |b d20240630 | |
| 084 | |a 40682 |2 nlm | ||
| 100 | 1 | |a Doran, Leontia | |
| 245 | 1 | |a Making Tax Digital for income tax in the UK | |
| 260 | |b South African Institute of Chartered Accountants |c Jun 2024 | ||
| 513 | |a Feature | ||
| 520 | 3 | |a Since 2015, Making Tax Digital (MTD) has been a fundamental part of the UK government's plan to further digitalise the UK tax system, with the aim being to create "a trusted, modern tax system – one that fits with how customers live their lives and run their businesses, keeps the tax gap low, and helps to create the right conditions for UK economic growth". THE ORIGINAL PLAN After the project was announced in Budget 2015, HMRC subsequently launched the roadmap for MTD in December 2015 with the stated aim of digitalising and modernising reporting and record-keeping for Value-Added Tax (VAT), income tax, and corporation tax by 2020. A quarterly return will be required for each business operated by the taxpayer * Submit an End of Period Statement (EOPS) on which tax and accounting adjustments will be made to the quarterly update figures previously submitted (this has since been removed as a result of the Small Business Review in 2023) * Submit a final declaration finalising the taxpayer's position in respect of all business/property income reported via MTD, in addition to including all other sources of taxable income and making any tax adjustments, including allowances/reliefs. The following package of changes was also announced: * For all taxpayers providing quarterly updates: * Taxpayers will report cumulative tax year-to-date figures in each quarterly update and not just the figures for the quarter, removing the need to resubmit previous updates for corrections, and * Three-line accounts (turnover, expenses, and net profit) can be used if annual turnover is below the VAT registration threshold (increased to £88 000 from 1 April 2024). * Landlords with jointly owned property will only need to report gross income in quarterly updates; expenses will only be needed in the final declaration. | |
| 610 | 4 | |a HM Revenue & Customs | |
| 651 | 4 | |a United Kingdom--UK | |
| 653 | |a Small business | ||
| 653 | |a Legislation | ||
| 653 | |a Self employment | ||
| 653 | |a Software upgrading | ||
| 653 | |a Compatible software | ||
| 653 | |a Jointly owned property | ||
| 653 | |a Tax returns | ||
| 653 | |a Taxpayers | ||
| 653 | |a VAT | ||
| 653 | |a Income taxes | ||
| 653 | |a Pandemics | ||
| 653 | |a Lessors | ||
| 773 | 0 | |t Accountancy SA |g (Jun 2024), p. 104 | |
| 786 | 0 | |d ProQuest |t Accounting, Tax & Banking Collection | |
| 856 | 4 | 1 | |3 Citation/Abstract |u https://www.proquest.com/docview/3082841638/abstract/embedded/7BTGNMKEMPT1V9Z2?source=fedsrch |
| 856 | 4 | 0 | |3 Full Text |u https://www.proquest.com/docview/3082841638/fulltext/embedded/7BTGNMKEMPT1V9Z2?source=fedsrch |
| 856 | 4 | 0 | |3 Full Text - PDF |u https://www.proquest.com/docview/3082841638/fulltextPDF/embedded/7BTGNMKEMPT1V9Z2?source=fedsrch |