WHAT IS MAKING TAX DIGITAL?
For VAT periods starting after April 2019, VAT registered businesses (including self-employed and landlords) with a turnover above the VAT registration threshold (currently £85,000) now have to provide their VAT return information Digitally to HMRC through Making Tax Digital compatible software.
From April 2022, the plan is to introduce MTD to all VAT registered businesses including those who have voluntarily registered and have a turnover below £85000.
The simplest way to comply is to start using a cloud based bookkeeping package. All packages will be conversant with HMRC requirements allowing you to file accurate information on time and avoid penalties.
At EA Assist we can find the right package for you and your business, get you registered, set up and provide training so you can keep on top of your own bookkeeping or you can outsource to us and we will manage it all on your behalf.
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GET READY FOR MAKING TAX DIGITAL NOW WITH EA ASSIST – get in touch now to find out what you need to do and when.
PERSONAL TAX ACCOUNT
Everyone will have a Personal Tax Account with HMRC. You will be able to see all the information HMRC holds including view your income tax, send a personal tax return, claim a refund, check your state pension, manage credits and update your address and personal details all in one place.
LANDLORDS AND SELF-EMPLOYED
All unincorporated business above the VAT threshold will now be filing digitally quarterly. By April 2022 all VAT registered business that are unincorporated will need to file digitally. By April 2023 landlords with a turnover in excess of £10,000 will need to report quarterly using digital software.
END OF THE TAX RETURN?
By 2020 most individuals and businesses will be required to take care of their tax affairs digitally via their HMRC ‘Tax Account’. You wont have to complete a full tax return on a regular basis – the updates will provide an overview with a final submission at the end of the year.
TAX IN REAL-TIME
As you and HMRC will be adding information throughout your accounting period and HMRC will be updating your tax affairs in real time, you will no longer have to wait until the end of the year to find out how much you have to pay rather than waiting until the end of the year.
DIGITAL ACCOUNTING
We love Cloud Accounting packages! They can be accessed from anywhere with the security that you never have to worry about backing up your data, its all done for you. Cloud Accounting gives you access to a variety of time saving apps to help manage invoicing, receipts, bank accounts and much more.
EMBRACE THE DIGITAL AGE!
While this government initiative may seem like hard work it will give you the opportunity to view your tax position at anytime and allow you to plan ahead for your tax bill. Using digital software may seem daunting but once you are set up you will see just how easy it can be and how it invaluable it can be to your business.
What is Cloud Accounting Software?
It’s the answer to your bookkeeping prayers!! No more worrying about your old laptop packing up, updating ageing desktop software or the new HMRC quarterly filing regulations.
Cloud Accounting is ideal for small businesses who want a wide range of accounting functions including purchase and sales ledgers, bank account feeds, stock control, payment services, reporting functions and much more.
With our monthly software subscriptions starting from as little as £5 per month, start today and run your business when ever and where ever you want.
WHY WAIT UNTIL DEADLINE DAY – get in touch now so you are ready to begin filing quarterly MTD returns by your deadline. One Off Set Up Services start at £250+VAT
CLOUD ACCOUNTING
Cloud Accounting - its so easy you will wonder how you managed without it!
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PAY DASHBOARD
Compliment your digital bookkeeping with on-line payroll management with pay dashboard.
