7th February 2017 Posted by - Alexander Accountancy
When will you start keeping digital records? Perhaps you already do, in which case the digital tax revolution may not seem like a major challenge. And if your business is VAT registered you will already be used to the idea of filing quarterly returns by the end of the following month.
Are you a small or micro business?
Are you a private landlord?
If you are used to taking several months to get your figures together once a year, how will you cope with having to keep your records up to date and submit reports every quarter?
Which system will you use?
When do you need to be ready?
Making Tax Digital (MTD) is already happening, it will affect most businesses, self employed people and landlords, there will be very few exceptions. The requirement for quarterly updates is expected to start from April 2018, so how will you cope?
Alexander Accountancy will still be able to deal with clients preferred bookkeeping systems providing they are compliant with Making Tax Digital. For those where this is something entirely new Alexander Accountancy is planning to offer free access to cloud based software that will help you comply. For those who are unable to deal with the data entry themselves, Alexander Accountancy will continue to offer bookkeeping services to do the data entry, or recommend freelance bookkeepers to do the data entry on your behalf.
Alexander Accountancy will continue to keep you up to date with the developing story of Making Tax Digital, including any changes to the details regarding thresholds, time scales etc.
If you would like to find out more about how you should be preparing for Making Tax Digital please telephone;
Burton on Trent 01283 743851 or email firstname.lastname@example.org.