What’s the connection between Easter and MTD
for Business?
None whatsoever.
Nor is it anything to do with ‘Month
To Date’ or ‘Match of the Day’.
And the free gift doesn’t involve
chocolate.
But it is worth knowing that MTD
stands for Making Tax Digital, and it’s the biggest change to the UK
tax system for a generation.
It’s part of the government’s plans to make
it easier for individuals and businesses to get their tax right first time and
keep on top of their affairs – meaning the end of the annual tax return as we
know it.
Moreover, its new guidelines will affect you…
The introduction of Making Tax Digital (MTD)
will fundamentally change the way
businesses, the self-employed and landlords interact with HMRC.
We’re moving towards a fully-automated digital tax
system and it’s starting now.
By 2020, the
vast majority of businesses will be required to monitor their tax affairs
digitally and update HMRC at least quarterly via their digital tax account.
More
specifically, businesses and landlords will be required to use commercial
accounting software to maintain their records and submit their updates.
Here
are the timelines:
From April 2018: Sole traders/self-employed,
partnerships and landlords with
income above £85,000.
From April 2019: Sole traders/self-employed,
partnerships and landlords with
income above £10,000.
From April 2019: Quarterly VAT reporting to commence
(instead of traditional VAT returns).
From April 2020: Quarterly
corporation tax reporting for companies.
Want to know more? Here’s a copy of our MTD
brochure.
For more
information on the new guidelines, check out our Chapman Worth Making Tax Digital brochure here:
And your free gift?
If you’re a business client and don’t yet
keep electronic records, get in touch before the end of April for your no-obligation
MTD review!
Will you be
ready in time for Making Tax Digital?
Need more
help knowing what software you’ll need and how the new legislation will affect
you?
Want to claim your free gift so that
you can just sit back and relax?
Then get in touch with either our
Wantage or Witney office before the end of April, and we’ll arrange a free
review and consultancy appointment to take you through everything.
We may even have some chocolate left
over.
