As we head towards the end of summer and we start to prepare the children to go back to school, life starts to get back to normal. If you run your own business you may want to use this time to start planning ahead for the changes in the way you file your paperwork with HMRC.
As from April 2019 all businesses with a turnover over £85k will need to submit their VAT returns through software using MTD (Making tax digital) compliant software.. Gone will be the time of preparing paper records and logging onto HMRC’s website to submit the figures.
For some the idea of computerising your 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. Most businesses are now heading down the Cloud route with products such as Xero or Quickbooks, which allow them to access their records anywhere there is an internet connection.
Not sure about computers, it may be time to outsource 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 we have qualified staff in MTD compliant programmes ready to show you the right direction.
Do nothing and HMRC will be issuing penalties! Have a go and there will be a soft landing period for twelve months.