Bespoke Tax Accountants

Specialist tax advice, accountancy and tax returns

01242 505970
info@bespoketax.com

  • Home
  • About Us
    • Meet The Team
    • Careers
    • Statutory Information
    • Privacy Policy
  • Who We Help
    • Personal and Family
    • Business
    • Our Clients
  • News
    • Making Tax Digital
  • Giving Back
  • Contact
  • Cloud Accounting
    • Xero

Using software to make Income Tax updates

7th November 2018 By bespoketax

Using software to make Income Tax updates

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account.

The new regime is due to start in April 2019 for VAT purposes only, when some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep their records digitally and provide their VAT return information to HMRC using MTD compatible software.

HMRC is also allowing a number of taxpayers and agents to use software to make Income Tax updates. This is part of a live pilot to test and develop the MTD service for Income Tax. As part of the MTD pilot taxpayers (or their agents) may be able to send Income Tax updates to HMRC on using software, instead of filing a Self Assessment tax return.

The introduction of MTD was first announced as part of the March 2015 Budget measures, and will ultimately see HMRC move to a fully digital tax system. An official launch date for the MTD service for Income Tax has yet to be announced, but it is unlikely to be before April 2020.

We are here to ensure the transition is as easy as possible, and are contacting all our effected clients.  To assist our clients, we have been working closely with software providers and a number of our accounts team are Xero accredited advisers.  We are also pleased to announce the launch of the Bespoke App, which has been designed to make record keeping easier with receipt and income manager, enabling you to photograph and record expenditure and income digitally. For more information on our App, please visit:

https://bespoketax.com/the-bespoke-app-after-launch/

You can download the App completely free by following these easy steps:
• Search for MyAccountants in the Apple or Play store
• Once downloaded, you will need the unique access code: BESPOKE
• Make sure you update your personal details and allow for push notifications, to get personalised reminders of key dates

Filed Under: Income Tax

Using software to make Income Tax updates

7th November 2018 By bespoketax

Using software to make Income Tax updates

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account.

The new regime is due to start in April 2019 for VAT purposes only, when some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep their records digitally and provide their VAT return information to HMRC using MTD compatible software.

HMRC is also allowing a number of taxpayers and agents to use software to make Income Tax updates. This is part of a live pilot to test and develop the MTD service for Income Tax. As part of the MTD pilot taxpayers (or their agents) may be able to send Income Tax updates to HMRC on using software, instead of filing a Self Assessment tax return.

The introduction of MTD was first announced as part of the March 2015 Budget measures, and will ultimately see HMRC move to a fully digital tax system. An official launch date for the MTD service for Income Tax has yet to be announced, but it is unlikely to be before April 2020.

We are here to ensure the transition is as easy as possible, and are contacting all our effected clients.  To assist our clients, we have been working closely with software providers and a number of our accounts team are Xero accredited advisers.  We are also pleased to announce the launch of the Bespoke App, which has been designed to make record keeping easier with receipt and income manager, enabling you to photograph and record expenditure and income digitally. For more information on our App, please visit:

https://bespoketax.com/the-bespoke-app-after-launch/

You can download the App completely free by following these easy steps:
• Search for MyAccountants in the Apple or Play store 
• Once downloaded, you will need the unique access code: BESPOKE
• Make sure you update your personal details and allow for push notifications, to get personalised reminders of key dates

Filed Under: Uncategorised

Recent News

  • Termination payments
  • Bona Vacantia – dissolved companies
  • Reminder of compensation limits for bank deposits
  • Reminder that the plug-in grant has ended

News Categories

  • Budget Summary
  • Business
  • Business Support
  • Capital allowances
  • Capital Gains Tax
  • Company Secretarial
  • Construction Industry Scheme
  • Corporate Governance & Regulation
  • Corporation Tax
  • Customs Duties
  • Duties
  • Employee Benefits
  • Employment & Payroll
  • Employment Law
  • European Union
  • Family Tax Credits
  • General
  • HMRC notices
  • Income Tax
  • Inheritance Tax
  • National Insurance
  • NIC & Pensions
  • Other duties
  • Overseas personal tax issues
  • Overseas tax issues
  • Payroll
  • Pension
  • Personal
  • Practice News
  • Stamp duty
  • Stamp Duty Land Tax
  • Tax credits
  • Tax Diary
  • Value Added Tax
  • VAT & Duties

About Us

Bespoke has a reputation for helping our clients make the most of their financial situations and in turn we have become a trusted extension of their business or family.

Bespoke assist with compliance requirements, providing specialist tax advice, and planning for now and the future.

Keep informed.
Sign up for our Topical Newsletter

Our FREE monthly newsletter will keep you up to date with the latest news related to the world of accountancy.

Register Here

Contact

Delta Place,
27 Bath Road, Cheltenham,
Gloucestershire, GL53 7TH
01242 505970
info@bespoketax.com

ICAEW Chartered AccountantsXERO Gold PartnerChartered Institute of TaxationMember of EISA

Copyright © 2022 · Bespoke Tax Accountants · Website by Culpepper & Co

.