Accountants Reaction to Snap General Election

Accountants have been quick to react to Theresa May’s call for a snap General Election. This post covers five aspects of the economy that could be affected. 1. Making Tax Digital The progress towards MTD has already suffered a number of setbacks and tax professionals say the election will only…

Reporting on Payment Practices

‘Large companies’ will begin publishing a twice-yearly report about their payment practices to ensure that small and medium sized organisations and businesses (SMEs) are treated fairly and paid on time. The current definition of a large company is one with over 250 employees, £36 million annual turnover, and/or an £18…

Corbyn promises to ease MTD Burden

Labour leader, Jeremy Corbyn, has joined the various debates about Making Tax Digital (MTD). He stated that he would scrap the quarterly reporting for businesses with a turnover of under £83,000. At a recent conference he said that this is because he considers it to be an unnecessary distraction for…

Lords Call for Delay to MTD

Making Tax Digital for Business (MTD) is a subject of concern for a number of organisations, from tax experts through to the House of Lords Select Committee on Economic Affairs. All agree that MTD is being rushed and its implementation should be delayed until 2020. A Lords Sub-Committee published a…

MTD Apps – do they work?

As part of their preparations for Making Tax Digital (MTD), HMRC has been explaining how small businesses will save time, and therefore money, when they file their tax returns on line. In their consultation document, HMRC used the experiences of ‘Eve the Carpenter’ to detail the benefits of MTD. Eve…

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