Making Tax Digital is Here!

Making Tax Digital - Alexander Accountancy Burton on Trent Staffs

This long heralded HMRC initiative is finally heading towards us at full throttle and there seems nothing we can do to make it user friendly. So it is here and from 1st April 2019 it will be compulsory for all VAT Registered Businesses with a turnover above the £85,000 threshold.

What does this mean? – Is your business VAT Registered? And if so is your taxable turnover £85,000 or more? If you answer yes to both questions, then from 1st April 2019 you will be required to keep digital records and to submit your VAT Returns using compatible software. Remember compliance is mandatory you do not have an option.

Are you already compliant? – Many businesses that fit the criteria could already be using compliant software. Alexander Accountancy have been alerting clients to the changes and transitioning them on to suitable software for quite some time. If this is you and your business then you are already ahead of the game.

Unsure if your records are compliant? – In this case you need to find out as soon as possible. If you are using software it should be quite simple to contact the provider to check the record keeping and filing suitability. If you are unsure please contact a proactive accountant like Alexander Accountancy and we will be able to confirm if your software is OK or if you need to make any changes.

Using Manual Records or Spreadsheets? – Then we strongly recommend you take urgent advice. Alexander Accountancy has already moved relevant clients on to compatible software, and is now doing the same with new enquiries where the necessary advice has not been given. If you are not sure if you are ready and need this kind of help please contact Alexander Accountancy as soon as possible.

And please be assured, Alexander Accountancy is not a one trick pony. As Xero partners this is an option where it fits the client’s needs. However other solutions will be recommended if they are deemed to be more appropriate for the size and type of client.

If you believe Making Tax Digital may affect you and are not sure if you are ready for it, please email or telephone 01283 743851. We are happy to provide the advice you need, possibly as part of a Free Business Review.