Making Tax Digital was always going to be an ambitious undertaking. The simpler requirements of VAT made it an ideal candidate for testing the water, preparing the way for the digitalisation of more complex taxes, corporation tax and income tax. But will businesses have to invest again?
In the third of this six part series (3/6), in conjunction with Tax Journal magazine, we explore the three solution choices businesses face and suggest some smart criteria for picking your Making Tax Digital for VAT software.
In the second part of this six part series (2/6), in conjunction with Tax Journal magazine, we look at how you can pre-test the Making Tax Digital for VAT submission process before committing to the pilot thereby enabling the business to avoid reporting errors and familiarise the finance team with the process.
In this first part of a six part series (1/6), in conjunction with Tax Journal magazine, we look at the current mood among businesses towards Making Tax Digital for VAT, the appetite for automation, and the benefits a longer term strategy can bring.
Finance Act 2019 removes the unexpected restriction on the group relief carried forward claim where company’s relevant profits do not exceed the deductions allowance available. Under the existing legislation, the deductions allowance may inadvertently limit the amount of relief claimable in such a scenario.
The House of Lords Economic Affairs Committee has heavily criticised MTD for VAT but its report also revealed what MTD solutions need to bring to the table.