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Making Tax Digital – all you need to know
In 2018 we will see the start of a new process for tax return submissions. Annual submissions will be replaced by quarterly ones. Businesses, the self employed and landlords with a turnover above the VAT threshold will be the first to be moved on to the scheme.
If you are already over the VAT threshold and submitting VAT returns then you are probably quite used to making sure your accounts are up to date, but if your business is not quite at the VAT threshold, but likely to be, then now is an ideal time to get a good accounting system in place so that you are ready.
Don’t put it on your to do list for early next year. Act NOW and have peace of mind that you’ve got everything in place. While everyone around is stressing about finding an appropriate system you can sit back & relax knowing that you made the smart move and got it sorted.
These submissions need to be made using online software. They cannot be submitted on paper and cannot be submitted directly on to the HMRC website.
So, if you’re not already using online accounting software, it would be good to start getting ready. That way you can be sure that you have your new system bedded and make the transition as straightforward as possible.
We can help you choose the best accounting software for your needs and help you get everything in place. Why not get in touch with us today for your free Making Tax Digital consultation. Click here to send us a message or give us a call on 01677 422643.