WELCOME TO THE NEW ERA OF ACCOUNTING
MAKING TAX digital
Since 1 April 2019, VAT registered businesses with a taxable turnover above £85,000, need to keep digital records for VAT and send HMRC returns. Companies that fall into this bracket will need to start using software that is compatible with the ‘Making Tax Digital‘ scheme.
This new requirement will significantly change how some businesses manage their future accounts and finances, and it’s essential to prepare for this change now. The Government also announced that it wants to support businesses in making this critical transition.
You should note: ‘Making Tax Digital’ is not mandatory for all taxes, just VAT until at least April 2020.
However, there is a pilot scheme you can get voluntarily involved in.
Put simply; the Government wants to make it easier and faster for businesses to do their tax reporting.
Doing so makes the returns job easier for both businesses, as well as HMRC.
Our experienced team of tax accountants can advise you on everything you need to prepare for Making Tax
Digital. More importantly, we can also help you avoid any fines you may incur from not reporting your earnings to HMRC correctly.
We are happy to guide you through the ‘Making Tax Digital’ sign-up process with HMRC, and we will advise you on how the new system works.
We will work with you to file your year-end accounts, profit and loss accounts, company accounts, and statutory accounts. We can also ensure you incorporate Making Tax Digital into your financial projections, planning and forecasting.
Keywords: Making Tax Digital