What is Making Tax Digital?
Making Tax Digital (MTD) is a result of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.
Reducing the amount of avoidable errors will also reduce the cost, uncertainty and worry that businesses face when HMRC is forced to intervene to put things right.
Will Making Tax Digital affect you from April 2019?
This will apply to businesses that have a turnover above the VAT threshold – the smallest businesses will not be required to use the system, although they can choose to do so voluntarily.
Businesses will be required to use accountancy software to upload VAT records as the government gateway will close and no manual records will be accepted.
How can Chuhan and Singh help you?
At Chuhan and Singh, we have embraced the changes that will come into force by being prepared to assist current and new clients.
Here are some of the changes:-
- Improved infrastructure with new IT hardware, faster broadband for quicker uploading to HMRC.
- Acquired additional SAGE Business Licences to migrate clients over from paper records to “The Cloud” in preparation for MTD. Chuhan and Singh will absorb these costs during 2018 as we develop and train staff in preparation for MTD.
- In partnership with SAGE, we can offer clients a discounted rate for the essential software required for MTD from April 2019.
- Grown the team by recruiting additional qualified staff, who will be on hand to help you with the transition.
We are here to support you through this time of change. It may seem an impossible task, but the positive outcome will be quarterly reporting of accounts, which in turn may reduce the time required to produce your end of year accounts.
For more information from HMRC, please click on the following link:-