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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
Download
 
Making Tax Digital for individuals
Making Tax Digital for individuals
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Making Tax Digital for sole traders
Making Tax Digital for sole traders
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"Simon is extremely supportive I am impressed with the service, professionalism and his friendly approach. Simon's expert advice and guidance has helped me to move forward and I am now looking forward to develop my practice.

Unlike previous accountants that I worked with, he is always willing to go the extra mile and I can recommend him wholeheartedly."
 
 

News

New Corporate Finance manager for Lovewell Blake
Marketing Team

9 July 2018
Accountants, business advisers and financial planners Lovewell Blake have appointed Matt Sturman a manager in the firm’s Corporate Finance department, which is responsible for handling mergers and acquisitions, company disposals, business valuations, financial modelling and due diligence.
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Lovewell Blake advise on management buy out of Alicat Workboats
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Along with Birketts LLP (led by Ed Savory), Lovewell Blake's Corporate Finance team has advised Steve Thacker and Simon Coote on the completion of a management buyout of Richards Dry Dock and Engineering Ltd and its subsidiaries, including Alicat Workboats, from the Gardline Group. The financial value of the deal...
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