‘Making tax Digital’ deadline looms

Chartered Accountants and Business Advisors, Whiting and Partners, explain how businesses will be affected by the government’s new ‘Making Tax Digital’ legislation, which is due to take effect in less than 200 days….

It’s the end of summer and the kids are back at school, if you run your own business you may want to spend this to start planning ahead for the changes in the way paperwork is filed HMRC.

HMRC wants the UK to be one of the most digitally advanced tax administrations in the world, improving efficiency, effectiveness and ease of compliance.

As from April 2019, all businesses with a turnover over £85,000 will be required to submit their VAT returns through software using Making Tax Digital (MTD) compliant software.  This plan signals the end of paper accounting for millions across Britain making it easier for businesses to stay on top of their day-to-day accounts.

For some, the idea of computerising records is a very daunting task, but it is the future HMRC see for the submission of future returns on a quarterly basis.

Where do you start?

HMRC now have over 30 approved software providers on their website as a starting point for which software to use.  Many businesses are adopting the Cloud route, with products such as Quickbooks or Xero, which allows access to records anywhere there is an internet connection.

Not sure about computers? consider outsourcing your book keeping and allow an accountant to keep your records quarterly, rather than just annually. Want to have a go but not sure where to start? Whiting and Partners have qualified staff in MTD compliant programmes ready to show you the right direction.

To find out more call 01284 752313 or visit the Whiting and Partners website

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