Next Talk – MTD

Digital Tax is Coming – Less than 8 months to go – Be Prepared for the Change!

 

Making Tax Digital (MTD)

is an HMRC initiative to make businesses file quarterly information with them.

How individuals and businesses interact with HMRC is changing.

What does this mean for you?

Keeping your financial records will become increasingly digital and most businesses will need to use software or apps to keep business records – the days of manual record keeping will be over!

From April 2019 all VAT registered entities with a turnover above the VAT threshold (currently £85,000.) will be required to keep accounting records digitally and submit VAT returns electronically directly from compatible software.

There are exemptions, but for most businesses with turnover above £85,000 you will need to start planning for Digital Tax now.

Challenges you may encounter:

  • Converting manual records to a digital form

  • Converting spreadsheets to book-keeping software that is compatible with HMRC

  • Upgrading software that isn’t compatible

  • Adapting bespoke/tailored software

  • Having the time to implement the above

  • Having a budget to deal with the costs of implementation.

 

HMRC research shows that 40% of their respondents anticipated difficulties meeting the requirements of MTD.   They were concerned about their limited ICT skills, not having enough time, and the ease of integrating MTD into current practices.

So, what’s the good news?

 

You can come along to a talk by Jeff Allsebrook who is a qualified accountant. Jeff  has helped a number of clients come to grips with the digital accounting using the ‘cloud’.  Jeff will give us enough advice to get going on the right track for a successful change over from our existing processes.

The talk will be held at Pleasington Golf Club on Wednesday, September 3rd.

Address: Pleasington Lane, Blackburn BB2 5JF

Time: 7:00 am for 7:30 am.