Making Tax Digital
Making Tax Digital (from the HMRC) is coming soon and Manningtons can show you how to file all your accounts and expenses, without an expensive software subscription.
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Are you ready for Making Tax Digital for VAT (MTDfV) effective from April 2019?
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The new legislation will come into force from the beginning of the 2019-20 tax year.
This will affect any business that is compulsory registered for VAT i.e. where your annual taxable turnover exceeds £85,000. (There are some exceptions for complicated VAT systems.).
If your turnover exceeds £85,000 then you will be required to keep all records digitally from the first return beginning on or after 1st April 2019.
There are 3 options available to you at this point:
Use software specially designed to be MTD compatible and file directly from the software. If this option is of interest to you, we are able to offer discounted subscriptions on certain cloud software so please contact us to find out more.
Use Excel spreadsheets to calculate the returns. Please be aware that once the initial data is entered, everything else will need to be calculated digitally using formulas. We have access to bridging software which will allow us to file VAT returns from Excel straight to HMRC for a small fee. Please contact us if this is of interest to you as we need to get you registered with us before the return is due.
Continue to keep your records manually, we will be able to assist and do all the processing for you straight onto our software. This will incur a fee which will depend on your individual circumstances, but could lead to a reduction in the cost of annual accounts preparation.
Please note that whichever option you choose to go with, your business must be registered for MTD once your final VAT return has been filed using current methods. Please get in contact should you require assistance registering for MTD.
We have now agreed to make available our bridging software at a cost of £4 per annum that will allow businesses to upload their returns without significant changes to their bookkeeping systems until 2020.
There is a great deal of confusion as it is not known how voluntary registered VAT businesses will be able to file i.e. those businesses with taxable turnover below £85,000 and some other businesses like second hand traders for the time being.
Could you benefit from free advice and guidance to help navigate the rules?
Could you benefit from free advice and guidance to help navigate the rules and regulations surrounding this area?
Manningtons Accountants offer comprehensive up-to-date information for businesses on all aspects of tax and allowances.
We can guide you through the complex rules covering Making Tax Digital and make it simple, giving you peace of mind.
As a local firm of Accountants, we are one of the country’s leading specialists for small businesses. We offer a personal service for our individual clients, and the highest standards of professional advice for your business.
Our areas of expertise include:
Business Start Ups
Small Business
Limited Companies
Landlord Property Tax
Construction Industry
Self-Assessment Tax Returns
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Or for more information, click here to access our Factsheets
