Making Tax Digital

Making Tax Digital Is Coming

Are you ready for the Making Tax Digital (MTD) revolution that will affect your business from 1 April 2019?

So What’s Changing on 1 April 2019?
As a VAT registered business with a turnover in excess of the VAT threshold, currently £85,000 a year, from 1 April 2019 you will be required to keep business accounting records in an electronic format and submit future VAT returns electronically using connected software.  The option to use the Government Gateway for submitting VAT returns will cease.

 

This is just the first step towards the Treasury-driven implementation of MTD.  Subsequently, you will be required to submit quarterly returns of ‘real time’ business accounts information as well.  This will effectively be the delivery of Quarterly Accounts to HMRC in addition to final Annual Accounts, and will require up-to-date electronic accounting information to be available throughout the year.

 

Act Now, We Want to Help
To make these reporting changes as smooth and painless as possible, we want to assist you and your business to transition from existing bookkeeping and accounting processes to digital connected accounting software.  Acting now will ensure everything is in place, tried and tested all in good time.

 

Read our latest blogs and keep up with the most recent developments as well as our newsletters and events created to keep you up to date with the MTD journey.

 

Our latest Making Tax Digital Newsletters can be found below –

 

Issue 1 – Making Tax Digital… are you prepared?

Issue 2 – MTD – Making Tax Digital or Making Tax Difficult?

Issue 3 – Making Tax Digital … on hold for new Parliament

Issue 4 – Making Tax Digital… a reminder

September 2017 – MTD Leaflet

 

   



 
Latest Blogs in Making Tax Digital
 
Victor Courdelle
15th October 2018 If HMRC Can’t Say, Who Can? – Records Required for ‘Cash Accounting for VAT’ Under MTD

Reference to VAT Notices 700/21, 700/22 and 731 suggests that a business using Cash Accounting for VAT under Making Tax Digital will be required to:- Maintain digital accounting records at transaction level: Keep a digital VAT account using Accrual accounting; Cross reference Monies Received and Paid against individual Sales and Purchase invoices within their digital…

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Richard Alecock
11th October 2018 Making Tax Digital, VAT and newly registered businesses

All VAT registered businesses with a turnover over the current VAT registration threshold of £85,000 will be required to comply with the Making Tax Digital (MTD) record keeping and reporting requirements for VAT periods which start on and after 1st April 2019. Where a business is VAT registered but has turnover under £85,000 at April…

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Victor Courdelle
4th October 2018 Working With Award Winning Software

We are delighted to announce that two of our chosen software providers have just won national recognition in the 2018 Accounting Excellence Software Awards held in London on 20 September: Xero Accounts – Winner – Accountancy Excellence Awards 2018: Small Business Accounting Software of the Year, Practitioners’ Choice. Receipts Bank – Winner – Accounting Excellence…

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Richard Alecock
1st October 2018 Making Tax Digital …… Only 6 months to go!

It’s time to decide how you will digitalise your records in order to meet HMRC requirements ahead of April 2019 HMRC wants the UK to be one of the most digitally advanced tax administrations in the world, improving efficiency, effectiveness and ease of compliance. Their plans signal the end of paper accounting for millions across…

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Victoria Stokes
27th September 2018 Business Fayre empowers local business owners

Whiting & Partners hosted their first Business Fayre on Thursday 20 September at Knights Hill Hotel in Kings Lynn. The event welcomed exhibitors from across a number of industries including insurance, software support, IT, Land Management, HR, Business Growth, marketing and promotions. Each business had the opportunity to chat to delegates and advise them on…

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Scott Butcher
21st September 2018 HMRC begin their MTD campaign

With the countdown to MTD just 6 months away, HMRC have launched their online marketing campaign to raise awareness of the new system to small business owners. This follows some criticism from professionals including accountants of the lack of preparation, support and advice from HMRC ahead of the changes. This knowledge gap has been felt…

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James Cater
21st September 2018 Are you one of the 40%?

A recent survey by the ICAEW has disclosed that over 40% of businesses which are imminently to be affected by the Making Tax Digital legislation for VAT are not yet aware of the Inland Revenue’s initiative, despite the deadline for dealing with the changes being from April 2019. Of the 60% of businesses that are…

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Richard Alecock
13th September 2018 Making Tax Digital …… Only 200 days to go!

It’s time to decide how you will digitalise your records in order to meet HMRC requirements ahead of April 2019 HMRC wants the UK to be one of the most digitally advanced tax administrations in the world, improving efficiency, effectiveness and ease of compliance. Their plans signal the end of paper accounting for millions across…

Read More »

Amanda Newman
3rd September 2018 Making Tax digital is nearly here

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…

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Ben Kilby
23rd July 2018 MTD for VAT – FARMPLAN READY!

As of 18 July 2018, HMRC has issued a list of software suppliers supporting Making Tax Digital for VAT. Amongst the list is Farmplan, the only agricultural software supplier. Farmplan has met the criteria HMRC have stipulated for Beta testing. It shows that Farmplan is committed to providing software that is compatible for MTD for…

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