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Making Tax Digital for VAT

Why has the government introduced Making Tax Digital for VAT? HMRC have issued VAT notice 700 / 22 (Making Tax Digital for VAT) so that accountants and businesses will be able to efficiently file and preserve records digitally going forward. The modernised process, will comply with the legal requirement of submitting VAT records using software,…

880,000 Business Unprepared for MTD: Is Yours One of Them?

On 1st April 2019, new tax rules come into force than mean VAT-registered businesses trading over the VAT threshold of £85,000 will be required to embrace Making Tax Digital (MTD), the HMRC initiative which requires companies to keep their records in a digital format and submit their VAT return information to HMRC using MTD compatible…

Education on Tax Could Save £6bn a Year

One of the sore spots for accountants is the growing number of small business owners and freelancers who are not only inexperienced with finance and accounts, but completely unaware. This might sound like it would be better business for accountants, but in reality it simply means more time is spent explaining systems, rather than completing…

Tax Policy Overhaul

Will SMEs Soon Benefit From a Tax Policy Overhaul?

Government advisors are recommending that the UK tax policy should be dramatically altered when it comes to SMEs. If you are a small to medium sized business owner, you might benefit from these changes in the coming years – that is, if they happen….

Three Taxing Tasks for Accountants in 2018

For accountants, January doesn’t feel as much like a new year as it does a scramble to finish off the old year – in financial terms. Here’s a look at three of the more onerous tasks 2018 has in store for you, and how you can help yourselves – and your clients – prepare….