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04 April 2019 / Tim Smith
Issue: 7835 / Categories: Features , Profession , Tax , Technology
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Making sense of making tax digital

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Tim Smith provides a read & store guide to Making Tax Digital
  • What is Making Tax Digital (MTD)?
  • How will MTD change VAT processes for firms?

There has been a lot of noise around Making Tax Digital (MTD) of late. From TV and radio adverts to the news media, the government and other organisations have been urging businesses to take note of the latest changes to HMRC’s tax administration processes and make the necessary changes. Firms that fail to comply with MTD could also leave themselves open to incurring regulatory penalties. Yet, how many firms, law firms included, fully understand the new process and how it will affect the daily running of their business?

MTD explained

Making Tax Digital (MTD) is the government’s latest initiative which is set to change how accounts are managed in today’s legal sector. As of this week (1 April 2019) the first stage of the initiative will require firms to report and record their VAT transactions digitally in an effort to

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NEWS
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Cheshire West test overruled
Cheshire West, which established an ‘acid test’ for deprivation of liberty safeguards, has been overturned by the Supreme Court
High Court transformed in historic realignment
The Chancery Division and other segments of the High Court are to be replaced by a new Business and Property Division (BPD), in a major civil justice shakeup
SRA toughens up checks on firms
Law firms that hold client money will need to file annual accountants’ reports and make a declaration, the Solicitors Regulation Authority (SRA) confirmed this week
Judges sanctioned for delays in delivery
Two district judges and a tribunal judge have been sanctioned for delays in delivering judgments and orders
Private equity investment into UK firms drops by half
Private equity (PE) investment into UK law firms halved to £250m last year, but deal volume rose, according to research by Acquira Professional Services’ Momentum private equity market tracker
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