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MTD - Making Tax Digital

What is MTD?

MTD makes it easier for individuals and businesses to get their tax right and keep on top of their affairs. It transforms tax administration so that it is more effective and efficient by holding all of your records in an electrical/digital format. These can be viewed on a computer, laptop or even your mobile phone.

If you run a VAT-registered business with a taxable turnover above the VAT registration threshold (£85,000), you are required to keep digital VAT business records and send returns using Making Tax Digital compatible software for VAT periods starting on, or after the 1st of April 2019. The records itself must include the date, amount and the category of each business transaction as a minimum.

HMRC's Government Gateway

HMRC's Government Gateway

HMRC’s Government Gateway makes it easier to find your personal information held by HMRC such as, your National Insurance number, your Income Tax estimate and you can even check your state pension. The process should only take 10 minutes and will be made easier if you have your National Insurance number and a valid UK Passport or a recent payslip available to prove your identity.

Follow the link below to register.

https://www.gov.uk/personal-tax-account/sign-in/create-account

Personal Tax Allowance and VAT Threshold Changes

As published by HMRC the Personal Tax Allowance has increased; the new figures are £12,500 for 2019-2020.

VAT Threshold for 2020 remains the same as previous in 2019 at £85,000, to deregister your annual turn over must fall below £83,000.

Employment Allowance remains at £3,000, replacing reimbursements of SSP.

Dividend Allowance 2019-2020

The Dividend Allowance for 2019-2020 remains the same as in 2018-2019 at £2000, before you pay any tax.

Dividend Tax Rates

Basic-rate taxpayers pay 7.5% on dividends.

Higher-rate taxpayers pay 32.5% on dividends.

Additional-rate taxpayers pay 38.1% on dividends.

Pensions - Are you in?

All employers must have a workplace pension in place for their emplopyees, regardless if they wish to join. Remember employees must first become eligible to be part of a pension scheme before they can choose to Opt out.  Read more by visiting the Pensions Regulator here.

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Important News

MTD - Making Tax Digital

What is MTD?

MTD makes it easier for individuals and businesses to get their tax right and keep on top of their affairs. It transforms tax administration so that it is more effective and efficient by holding all of your records in an electrical/digital format. These can be viewed on a computer, laptop or even your mobile phone.

If you run a VAT-registered business with a taxable turnover above the VAT registration threshold (£85,000), you are required to keep digital VAT business records and send returns using Making Tax Digital compatible software for VAT periods starting on, or after the 1st of April 2019. The records itself must include the date, amount and the category of each business transaction as a minimum.

HMRC's Government Gateway

HMRC's Government Gateway

HMRC’s Government Gateway makes it easier to find your personal information held by HMRC such as, your National Insurance number, your Income Tax estimate and you can even check your state pension. The process should only take 10 minutes and will be made easier if you have your National Insurance number and a valid UK Passport or a recent payslip available to prove your identity.

Follow the link below to register.

https://www.gov.uk/personal-tax-account/sign-in/create-account

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