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
 
Lisa Smith
9th July 2020 REMINDER – Deadline for SEISS grant is 13 July 2020

Further to my blog on 22 June 2020 (please see below), just a reminder that the deadline for applying for the first SEISS grant is 13 July.   Those eligible under the Self-employment Income Support Scheme (SEISS) will be able to claim a second and final grant in August 2020.The grant will be worth 70%…

Read More »

Lisa Smith
9th July 2020 VAT savings for the hospitality and tourism industries

As part of the Government’s measures to try to stimulate the economy, the Chancellor has announced a reduction in the rate of VAT payable by the hospitality and tourism industries.   From 15‌‌‌ ‌July 2020 until 12‌‌‌ ‌January 2021, the rate of VAT will be reduced to 5% on any eat-in or hot takeaway food…

Read More »

Ian Piper
8th July 2020 Summer Budget: What’s in it for SME’s?

As we all slowly unwind from Coronavirus lock-down and the end of furlough support rapidly approaches, Chancellor Rishi Sunak has taken the unusual step of making fiscal announcements in the Summer, to try and head off a recession. New initiatives, of interest to SME’s, include:   Job Retention Bonus – £1,000 bonus paid per employee…

Read More »

Edward Hopkins
7th July 2020 Tax Codes: Do you understand yours?

Your tax code can be confusing but it is extremely important to understand. That small string of numbers and letters informs your employer or pension provider how much tax free allowance you are entitled to.   An incorrect code will have very real consequences. If too much tax is being deducted from your monthly income,…

Read More »

Nick Edgley
3rd July 2020 31 July: Is full amount of income tax payable?

Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next half-yearly tax payment which is due by 31st July. The amount payable is the second payment-on-account for the 2019/20 tax year and is automatically calculated as half of the total tax liability…

Read More »

Jaimie King
2nd July 2020 Covid Charity update

Many of the charities we support have been concerned about the impact of Coronavirus, and have understandably had many questions with regards to support and how to manage the charity.   Below is some of the latest government guidance (as of 26th June 2020) with regards to some of the most frequently asked questions that…

Read More »