Making Tax Digital is the governments plan to make it easier for individuals and businesses to get their tax right and to keep on top of their affairs, meaning the end of the annual tax return for millions.
From 1st April 2019 businesses above the turnover threshold of £85K will have to keep digital records and submit VAT returns. You will no longer be able to submit manual returns.
Today, only 11% of VAT returns are filed with online software, if your accountant doesn’t currently file VAT returns using online software, Making Tax Digital could have a real impact on how you work so it is vital you start researching today.
It is expected that by April 2020 at the earliest Sole traders and partnerships with income between £10k and £85k will need to maintain digital records. With tax data being required every three months instead of annually.
How can BP Business Consultancy Services Help?
- We can help you source HMRC approved digital software, to find out what system is best for your needs.
- If you have new software and are unsure how to use it, we can provide training to help you feel more confident using it.
- If buying new software, we can help with data transfers from old systems to new, making sure relevant balances and information
- We can set up your new software with
bespokechart of accounts and features that are relevant to your business.
- We can help you with your bookkeeping either on-site or virtually.
- We can process your VAT returns using our registered HMRC Agents.
- We can recruit a bookkeeper to work onsite in your office mentored by our IAGSA trained associates.