You will likely have heard of Making Tax Digital (MTD), but the question you’re probably asking is: What exactly is it and what do I need to do about it?
We are running four, free-to-attend seminars that will explain clearly what you need to know and how you can best prepare for MTD. MTD will come into effect from 1st April 2019 and will affect the way that all VAT-registered individuals, companies, landlords & charities with VAT-able turnover above £85,000 both record and report their financial data to HMRC.
As part of our commitment to ensure our valued clients are both educated about and comfortable with the proposed changes, Aston Shaw are joining forces with Barclays & New Anglia Growth Hub to arrange this free-to-attend seminar to explain in layman’s terms what will be changing and how you can take steps to not just comply with, but take advantage of, the new rules.
Did you know that from April 2019 Making Tax Digital (MTD) for Business systems will become mandatory to meet your VAT obligations?
This means that any entity, whether a sole trader, partnership, company, charity or landlord that makes VAT-able supplies above the VAT threshold (currently £85,000 turnover), will be required to submit their VAT return using functional compatible software that is compliant with HMRC’s new MTD reporting system. The Government’s main objective of MTD is to plug the £3.5bn gap that is generated by mistakes made on VAT returns whilst also saving time for both HMRC & taxpayers.
So, the digital revolution is coming, and it will affect you and your business, even if not right now, in the near future. Already we control our own personal accounts and finances online. We nearly all use online banking, credit checkers and perform BACS payments. Nearly all of us agree it does make our life easier and makes information quicker and easier to obtain. So why should we be treating our businesses any different?
Places are disappearing fast so please book sooner rather than later to avoid disappointment! For more information and to book your place, please click one of the below seminars.