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Making Tax Digital -
Making Tax Digital an HMRC initiative to put everyone’s tax affairs online, but are you prepared for it?
HMRC announced plans to simplify the tax system and provide tax information in “real time” rather than waiting months after a business’s financial year end. It was planned to start in April2018 for all unincorporated businesses, but this was deferred to April 2019 for unincorporated businesses and landlords below the VAT threshold (currently £85,000). However, this does mean that unincorporated businesses, self-
The other key dates are:
Other things to note are that businesses, self-
There are still certain details which need to be confirmed and these will be introduced in the Finance Bill 2017, these are as follows:
There is a lot involved and businesses need to start preparing now, whether they submit the updates themselves, or if they have their accountant do it on their behalf.
This includes ensuring that the business records are kept on suitable accounting software.
There are plenty of suitable accounting software packages available but we favour (and recommend to our clients) Xero (www.xero.com/uk/) because of its ease of use and it is online, giving you access your accounts wherever you have internet access. There is also an app for keeping records “on the go”.
By using appropriate software, the process of MTD should be a relatively smooth one and all businesses will benefit from having a year-
At Westwood Accountancy, we can assist you with getting your accounting records onto a suitable accounting software system in preparation for MTD and ensure the process is as pain free as possible.
We believe that the information in this article is correct as of June 2017. However, the specific Making Tax Digital proposals are subject to consultations and may change.
For more information contact Sharron at email@example.com
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