Book Featured Banner
admin@phaccountancy.co.uk
01227 277 667
PH NEWS

MTD IS CLOSER THAN YOU THINK!

From April 2019 all VAT registered businesses will be required to maintain digital records and to send their information to HMRC using third party commercial software.

This is for all types of business, whether you are a limited company, sole trader, partnership, etc.

At present there is no free software for MTD although HMRC is working closely with software providers to ensure that there is a range of suitable products.  However,this software tends to be very basic and unsuitable for the majority of businesses.

The commercial software's that are available do vary and are suited to different kinds of businesses.  Before you choose your software, you should speak to us so that we can explain which software would be best for you as well as provide training where needed.

While income tax will not be mandated until April 2020 at the earliest, the Inland Revenue have supplied some basic information which may be subject to change.

The basic requirement is for information to be updated quarterly to HMRC.  The timescale is likely to be one month after the end of your quarter and then an amendment would be able to be made when full accounts are prepared at the end of your financial year.

Where you have multiple businesses, you will need to make a quarterly return for each of these, for example if you have three businesses you will have to make twelve quarterly returns.

We have been working with our clients over the past year to ensure the books are delivered to us in an electronic fashion to ensure that the compliance fees for this are kept to a minimum.

Navigate
Twitter feed
PH Accountancy

We are a young, dynamic and pro-active practice based in Kent who offer a friendly and professional service to our clients. Our client base is wide and varied ranging from a small one-man band to a large limited company and our business principle is the same in that each client, no matter what size their business has their own individual requirements.

Phone Number: 01227 277 667
Email: admin@phaccountancy.co.uk