Need to know
MTD: Overview
ICAEW's Tax Faculty outlines the key things businesses and agents need to know about Making Tax Digital, as well as a timeline for its phased introduction.
Need to know
MTD ITSA: frequently asked questions
ICAEW's Tax Faculty provides answers to questions concerning the introduction of Making Tax Digital income tax self assessment from April 2024.
MTD: What you need to know
The key information on MTD for VAT and MTD for ITSA, covering the rules, how to comply and ensuring your practice is prepared.
Exclusive
MTD income tax self assessment
- Helpsheets and support
- 23 Nov 2021
Making Tax Digital (MTD) for income tax is mandatory from April 2024. ICAEW's Tax Faculty outlines how it is likely to work and the progress of the pilot.
Exclusive
MTD and VAT
- Helpsheets and support
- 27 Aug 2020
The first stage of HMRC's Making Tax Digital (MTD) programme focuses on VAT and imposes new requirements keeping on some VAT registered businesses and organisations from April 2019.
Exclusive
MTD for VAT penalties
- Helpsheets and support
- 08 Apr 2022
The introduction of Making Tax Digital for VAT has prompted discussion about the risk of penalties where introducing new processes breach of the regulations.
Exclusive
Software for MTD
- Helpsheets and support
- 22 Sep 2020
ICAEW shares the latest information about the Making Tax Digital (MTD) software that taxpayers and agents will need to keep digital records and to submit information to HMRC.
Exclusive
Signing up for MTD
- Helpsheets and support
- 22 Oct 2021
ICAEW's Tax Faculty provides step-by-step guides on how to sign up for MTD VAT for businesses and for tax agents.
Exclusive
Preparing your practice for MTD
- Helpsheets and support
- 06 Dec 2018
Agents will need to take steps to prepare both their own practices and their clients for the disruption that Making Tax Digital and digitalisation will cause to the market for accounting and tax services.
Exclusive
Engagement letters and privacy notices
- Helpsheets and support
- 18 May 2022
ICAEW has developed guidance for practice firms on what to include in engagement letters. This page provides a series of sample wordings to help you draft your own engagement letters.
Exclusive
MTD ITSA: frequently asked questions
- Helpsheets and support
- 25 Apr 2022
ICAEW's Tax Faculty provides answers to questions concerning the introduction of Making Tax Digital income tax self assessment from April 2024.
MTD ITSA notices are a small piece of the jigsaw
- Article
- 02 Aug 2022
In its comments on the draft MTD ITSA notices, ICAEW highlights some of the many significant policy, design, and implementation issues that have yet to be resolved. The solution to some of these issues may lie in changes to policy and legislation.
MTD ITSA: HMRC issues draft notices for consultation
- Article
- 05 Jul 2022
Draft notices cover: the use of functional compatible software, information required in quarterly updates, information required in end of period statements, and retail sales elections.
Exclusive
Pressing questions about MTD ITSA answered
- Article
- 01 Jul 2022
At ICAEW’s MTD Live event, HMRC responded to the questions and concerns of members as the MTD ITSA pilot looks to expand.
HMRC breaks its silence on the MTD ITSA pilot
- Article
- 21 Jun 2022
HMRC has started encouraging agents to sign clients up to the Making Tax Digital income tax self assessment pilot. ICAEW’s Tax Faculty explains the somewhat confusing communications.
HMRC research indicates lack of awareness of MTD VAT
- Article
- 14 Jun 2022
The requirement to keep digital accounting records and use MTD VAT compatible software to submit VAT returns was extended to all VAT registered businesses from 1 April 2022. Were those newly subject to MTD VAT requirements ready?
New guidance on MTD VAT penalties
- Article
- 07 Jun 2022
HMRC has published a fact sheet on MTD VAT penalties, filling a gap in the information available on gov.uk.
ICAEW expresses concerns on MTD reporting of property income
- Article
- 07 Jun 2022
Lack of awareness of the change and jointly held property were among the issues raised with the Office of Tax Simplification.
Webinars, videos and podcasts from ICAEW on the MTD regime.
Exclusive
MTDtalk 2022
- Webinar
- 19 Apr 2022
In this series of webinars the ICAEW Tax Faculty (Anita Monteith and Caroline Miskin) and guests will provide the latest information and guidance on MTD ITSA, covering topics such as choosing software, the progress of HMRC’s pilot, the practicalities of signing up and answer questions from businesses and practitioners.
MTD ITSA: Your first 100 days plan
- Webinar
- 09 Mar 2022
With only around 500 working days before the start of MTD ITSA, this webinar will focus your attention and outline clear actions that need to be taken in the next 100 days.
Big plans for the Small Practice – the future of accounting
- Webinar
- 15 Dec 2021
Sage are introducing new exciting and progressive ways to manage your clients, prepare for the next wave of MTD and benefit from the best technology, support, and expertise on offer.
MTD for ITSA - back to basics and myth busting
- Webinar
- 30 Nov 2021
This webinar recording from the Tax Faculty covers the regulations in detail explains where we are with the development of the policy and the pilot and what taxpayers and agents can do to prepare.
Exclusive
MTD Phase 2 - Are you ready?
- Webinar
- 25 Aug 2021
In this February 2021 webinar we recap the MTD journey so far, outline HMRC's roadmap and timescales, and provide an overview of the legislation and what this means for your practice. In association with Sage and HMRC.
MTD for Income Tax Self Assessment
- Webinar
- 11 Feb 2021
HMRC is expecting to lay the Making Tax Digital for Income Tax Self Assessment Regulations before Parliament in February 2021. This will give effect to the April 2023 start date for MTD for ITSA, as well as confirming many of the requirements (some of the detail will be in tertiary legislation which will follow later).
MTD for Corporation Tax
- Webinar
- 13 Jan 2021
On 12 November 2020, HMRC published the long-awaited consultation on Making Tax Digital for corporation tax (CT), confirming it's plans to extend MTD to companies. In this webinar ICAEW Tax Faculty explain HMRC's plans to roll out MTD for CT.
Making Tax Digital for Charities | 29 March 2019
- Webinar
- 29 Mar 2019
The webinar covers the background to MTD, what the VAT filing requirements will be and what actions charities may have to take and what is meant by the ‘soft landing’ period. It will also include a demonstration of the Buzzacott bridging software showing how a digital submission can be made using the software.
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Exclusive
Tax planning for farm and land diversification (6th edition)
- eBook
- 2022
- Julie Butler
Julie Butler explores the latest developments in the area of tax planning for farm and land diversification, including protecting the farm's assets, alternative land use, hobby and lifestyle farming, letting activity and divorce and farming.
Exclusive
Making tax digital tracker
- eBook
- 2022
- Emma Rawson
The Tracker provides plain English guidance on the operation of MTD, with sections covering VAT, income tax, corporation tax and tax agents in relation to MTD.
Exclusive
Guide to taxpayers’ rights and HMRC powers
- eBook
- 2021
- Robert Maas
Guide to the growing breadth of HMRC powers and the increasingly complex penalty regime for non-compliance.
Exclusive
Tax returns
- eBook chapter
- 2021
- Robert Maas
A chapter on taxpayers' rights and HMRC powers in relation to tax returns.
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HMRC guidance and other external resources
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Making Tax Digital for VAT hub
- Website
- 22 Oct 2021
- HMRC
Collection of practical guides for agents and businesses, including how to find compatible software and apply for an exemption.
Making Tax Digital for Income Tax hub
- Website
- 22 Oct 2021
- HMRC
Collection of guides for agents and businesses on signing up and using MTD for income tax, including a list of compatible software available now.
VAT Notice 700/22: Making Tax Digital for VAT
- Website
- 07 May 2021
- HMRC
Updated guidance on digital record keeping and returns. It explains the digital records that businesses must keep, ways to record transactions digitally in certain special circumstances, what counts as compatible software, and gives examples of when digital links are required.
Making Tax Digital for Corporation Tax consultation
- Website
- 11 Jan 2021
- HMRC
HMRC consultation on how MTD could be implemented for corporation tax. The consultation period closed on 5 March 2021.
Case studies for Making Tax Digital
- Website
- 01 Dec 2020
- HMRC
A series of short case studies from businesses in a range of industry sectors on how Making Tax Digital has worked for them.
Overview of Making Tax Digital
- Website
- 12 Nov 2020
- HMRC
Policy paper explaining the foundations of MTD, with links to research reports and further guidance on MTD for VAT, income tax and corporation tax.
Finance Bill: Written statement - HCWS47
- Website
- 13 Jul 2017
- UK Parliament
Statement made by Mel Stride, Financial Secretary to the Treasury, announcing policy changes to the timeframe and scope of Making Tax Digital rules.
Further support
Exclusive
ICAEW Tax and VAT Helpline
ICAEW tax and VAT helpline is a subscription based service provided by Markel Tax (formerly Abbey Tax). It offers expert, practical advice on UK tax and VAT issues and trends.
Exclusive
TAXconnect
Search for a consultant to help you with a specific technical tax problem. TAXconnect works on a telephone ‘hotline’ system, whereby consultants offer advice to fellow Tax Faculty members and Faculties Online subscribers on tax problems for a nominal fee.
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