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Chartered Accountants in Barnet

Making Tax Digital

By | Chartered Accountants in Barnet, Chartered Accountants in Herts | No Comments

Making Tax Digital (MTD) is the government’s initiative to make it easier for individuals and businesses to get their tax right and keep on top of their affairs by moving to a fully digital based tax system.
Every individual and business, including landlords will have access to their own digital tax account. This means that all taxpayers will be required to record their business-related transactions digitally using MTD compliant software and to access their tax accounts online to find out their liabilities and to make payments. The yearly tax returns will become a thing of the past and taxpayers will have to move on to quarterly submissions.
This aim of this system overhaul is to make the HMRC one of the most digitally advanced tax administrations in the world, and to make it easier for customers to comply.
The timeline for implementation is:
From the tax year 2019/2020 digital submission is:
• Mandatory for VAT for all VAT registered businesses with a turnover above the VAT registration threshold (£85,000).
• Optional for VAT registered businesses with a turnover below the VAT registration threshold (£85,000).
From the tax year 2019/2020 digital submission is:
• Mandatory for income tax and corporate tax (as appropriate) for all businesses (including landlords) with a turnover over the VAT registration threshold (£85,000).
• Optional for businesses (including landlords) with a turnover below the VAT registration threshold (£85,000).

General Data Protection Regulation (GDPR)

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The General Data Protection Regulation (GDPR) is the European Union’s new legislation to protect the personal data of EU citizens. It will come into force from 25 May 2018.
The Data Protection Act (DPA) was written over 20 years ago and has clearly become out of date considering recent technological advances.
The GDPR has been written to keep pace with the modern technological landscape and is more extensive in scope than the DPA. It extends the data rights of individuals and requires organisations that hold personal data to develop policies to protect all personal data held.

Businesses that hold personal data must:
• Be transparent in their use of such data
• Only use the data for the purpose for which it was acquired
• Hold the minimum level of data required to fulfill the objective
• Destroy the data once the purpose for which it was acquired has been fulfilled
Non-compliance can result in serious fines of up to 4% of turnover.