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Business


Making Tax Digital

Making Tax Digital (MTD) is coming, and will eventually mean that the majority of your tax interactions with HM Revenue and Customs (HMRC) will be carried out digitally. As a part of the MTD changes, all business (companies, partnerships, sole traders and individuals) will be required to maintain their accounting records in a digital format. This information will need to be reported to HMRC on a quarterly basis.

The changes are going to be rolled out in phases. Phase one starts with businesses who need to file a VAT return. Almost all businesses who are registered for VAT, and whose turnover exceeds the VAT registration threshold, will have to file their VAT returns digitally for periods commencing on or after 1 April 2019. Eventually all businesses will be expected to file their accounting records digitally and interact with HMRC this way, potentially as early as April 2020.


What does that mean for me?
As a business owner, even if you do not meet the VAT threshold, now is a great time to future-proof your business and make sure that you are ready to interact with HMRC digitally.

What does this look like?
HMRC have been clear that paper records will no longer be acceptable, that businesses will be expected to use compatible software or spreadsheets to keep their accounting records.

How can Lovewell Blake help?
Lovewell Blake has a team of experts on hand to help you get your accounts ready to meet the requirements of MTD. We can work with you to look at where you are now and which type of solution is best for your business. Our role can be as simple as advising on the best solution, to taking on the bookkeeping on your behalf – or something in between. We can also offer training and support on using all of the best market-leading software solutions.

Contact us now to find out how we can help you.

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Helpful documents

Making Tax Digital for companies
Making Tax Digital for companies.
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Making Tax Digital for individuals
Making Tax Digital for individuals.
Download
 
Making Tax Digital for sole traders
Making Tax Digital for sole traders.
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"Lovewell Blake help us with much more than just the year end accounts and tax. They facilitated a valuable strategic planning exercise for us and also provide independent input at board meetings, ensuring these remain business focussed."
 
 

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