Okay, let’s start with the obvious.
MTD.
Does it ring a bell? Anyone? Go on, have a guess…
Match of the Day? Could be, but not quite.
Marsupial Training Device? Try again.
Midlothian Trampolining Disco? Er, no.
Okay, we’ll tell you.
Making Tax Digital
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 implement a modern, fully-automated digital tax system by 2020 to ensure that businesses declare their tax accurately first time and then submit it on time.
And it’ll be here as early as April 2019 when MTD for Business becomes compulsory for those who are VAT-registered, before being rolled out across the board for all businesses. By that stage, you’ll need to use commercial accounting software to maintain your records and submit quarterly updates to HMRC.
Our new monthly fixed fee service
Okay, so now you’re probably wondering how this relates to our new monthly fixed fee service…
Well, quite simply, it includes the cloud software that will have you ready for MTD and ensures that you’re compliant with the new regulations.
But that’s not all – there are several other benefits that will make your life a whole lot easier….
A personalised review checklist to identify which services you’re most going to need.
In setting things up, our 1:1 review meeting allows us to discuss and guide you on what your business needs now and what else it might benefit from, with you then selecting what services you want to go with – e.g. accounts, payroll, VAT returns etc.
Knowing exactly where you stand with costs for all your services.
As the review process identifies what services you need, the individual service fees are automatically calculated based on your turnover of business, number of employees, complexity of tax return, quality of bookkeeping etc. It means there’s no need to keep track of separate services or bills as you now have everything in one place.
Better cashflow via a monthly, consolidated DD payment.
Whereas in the past you would have paid an annual fee for each individual service, now you make just a regular monthly payment. Routinely collected by direct debit, it lets you budget accordingly without any nasty surprises.
A streamlined process that’s quick, convenient and flexible.
Following our review, all the information is automatically emailed to you as a proposal so that you have a record of everything. And once you decide you’d like to continue, all it takes is the press of a button through the link in your proposal document. It’s that easy. And, should your circumstances change through you wanting to add or amend services, the system is completely flexible and will calculate your revised monthly payments there and then for you.
Modernisation is coming and it’s time to go digital…
Are you ready to benefit from a fixed monthly fee? Then get in touch!
Who said keeping on top of your accounting had to be difficult?
Now you can forget all about how inconvenient it used to be filing and keeping track of everything, and look forward to a slicker and more reliable way of doing things.
And with it being suitable for both existing and new Chapman Worth clients, it means you’ll be well prepared for MTD and any other abbreviations that come your way.
Like CWMFFS.
Answers on a postcard please.
Until next month...
