The Making Tax Digital deadline is fast approaching, with the crossover set to be the biggest change to the administration of the tax system for many years. For many businesses, the change provides confusing and expensive action. Whilst April 2019 sees the soft implementation of the VAT aspects, where those earning over the threshold must begin to adhere to the regulations. It is highly suggested to begin following the digital methods as soon as possible, so that any issues can be sorted before it becomes a fineable offense. We want to take this opportunity to break down some of the key aspects that businesses need to be considering prior to the Making Tax Digital deadline…
Businesses with a turnover of £85,000 and above will need to be ready to go digital by April 2019; whether you submit monthly or quarterly. Whilst businesses with a turnover lower than this threshold have extra time, as previously suggested, early adoption is advised.
Stay In The Know
Being prepared for delays and issues will be key, staying up to date with the latest HMRC updates will help you to stay on track and be aware of any difficulties that you may encounter throughout the process.
With a low percentage of businesses filing records digitally, prior to the announcement of the crossover, for many, this is a completely new challenge that they are having to embrace. Selecting the right software is a crucial stage, there are different requirements that your selected software must be able to do. It must also be user-friendly so that whoever is required to use it, can do so with ease, in order to minimise mistakes.
How Kirk Hills Can Help
Years of experience enables us to make informed suggestions, for many it makes both financial and logical sense to outsource this process to an accountants. Our years of being trusted by many Exeter businesses, together with our up to date software and ever refreshing knowledge on all things Making Tax Digital, means that we are both happy to assist with or take complete control of this process for your business.