Making tax digital
The initial phase of Making Tax Digital sees VAT registered businesses with turnover in excess of the VAT Registration threshold (£85k) requiring to comply from April 2019. Depending on when your year end is, you may wish to take steps now to prepare yourself in advance of this deadline.
Making Tax Digital will also see both individuals and businesses for other taxes will need to comply from April 2020 at the earliest.
Making Tax Digital is one of the most ambitious HMRC projects that could lead to extra administration for both individuals and businesses. We at Rawlinson Pryde & Partners will be able to guide you through the transition with minimal disruption.
To comply you will need to ensure that your bookkeeping records are kept in a digital format with the best way being a cloud based solution. We are able to assist you transition over or if you decide that you do not wish to learn how to bookkeep electronically we have bookkeepers who can take the stress out of this additional compliance.