Making Tax Digital – Time to run your business differently?

20th April 2018

 

So you have been successfully running your business for a number of years and now HMRC have introduced a making tax digital initiative which is going to change how you do things for the future.

 

You are now expected to start keeping digital records of your accounts, so what is the next step for you and how can we help? The good news is you still have 12 months to get this sorted and Whiting & Partners are happy to help you through as much of the process as you need us to!

 

The next steps are simple, take advantage of some events and offers we have:

 

  • Free making tax digital seminars – we will be holding free seminars to all our clients starting now and moving through the next month across many of our office locations. Here you will find all the information on MTD and you can ask any queries you may have about implementing systems or general information.

 

  • Set up one of our free 1 hour MTD health checks – call your local office and arrange a free consultation with a specialised MTD consultant who will talk you through the next steps and guide you on which software to use and how/when to implement these into your business.

 

  • Training & Set up – Once you have chosen which cloud package you wish to use, we can then provide you with assistance with set up or complete all the set up on your behalf. Then we can train you and your staff the best ways to use whichever system you have decided.

 

Once we have given you all the facts about the MTD and what is expected of you then you may decide to outsource your bookkeeping in the future. Again this is definitely a conversation to have with your consultant, you may be surprised how little extra it will cost you to let us do all of the work for you. Giving you all the time to focus on running your business and making it grow.



 
Other items in Blogs
 
Jodie Pheby
22nd July 2021 Accounts Basis Period Reform – Consultation

Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period.  Tax is paid on profits earned in the basis period ending in the tax year in question.   However,…

Read More »

Nick Edgley
15th July 2021 31st July: Can your tax payment be reduced?

Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next tax payment which is due by 31 July. The amount payable is the second payment-on-account for the 2020/21 tax year and is automatically calculated as half of the total tax liability for…

Read More »

Ian Piper
6th July 2021 30-Sep-21: End of most COVID support measures for SME’s

When COVID directly impacted upon the UK in Spring 2020, the Government introduced a range of measures specifically targeted to help businesses survive the expected period of financial strain. Such businesses, that are still here, should now be planning ahead for when this support is gradually unwound: 21-Jun-21 Deadline for arranging with HMRC when to…

Read More »

Megan Turner
5th July 2021 Charity annual returns

The charity annual return service is now available for 2021 and can be found on the link below. https://apps.charitycommission.gov.uk/   Charities need to submit their annual return within 10 months of the financial year end.   Dependant on the level of income, the annual return has different requirements; Income under £10,000 It is only the…

Read More »

Bethan Hassey
1st July 2021 Changes to the reduced rate of VAT for hospitality, holiday accommodation and attractions

  In July 2020 the government announced that VAT registered business who operate in the hospitality and tourism industry could use a temporary 5% reduced rate of VAT on certain supplies compared to the standard 20%. The objective of this legislation was to support businesses in this sector during the Coronavirus pandemic and assist with…

Read More »

Thomas Nicholls
15th June 2021 Tax on Cryptocurrency does not have to be cryptic

Within the last 10 years the cryptocurrency scene has exploded from the first decentralised cryptocurrency, Bitcoin, being created back in 2009 to now more than 4,000 different cryptocurrencies being in existence with a total market cap value of over £1trillion.   This has led to the creation of the Cryptoassets Taskforce which was announced back…

Read More »