Take the next step on the road to Making Tax Digital
Businesses, investors, and workers across the UK face a challenging time ahead, as the Government continues to implement its Making Tax Digital initiative.
This landmark change in the recording and reporting of tax will gradually see the major components of taxation taken online, using the latest HM Revenue & Customs-compliant software, apps and programs.
Taxpayers must be fully prepared for these changes, as they could face fines of penalties if they do not comply in future.
Already, many businesses have had to comply with rules for VAT, which have become mandatory and subject to penalty for VAT-registered businesses above the £85,000 threshold.
The next big step in Making Tax Digital in April 2023 will target Income Tax for the self-employed and partnerships, as well as property income from some landlords and investors.
This will be followed by the introduction of new digital tax systems for Corporation Tax, which will affect every limited company in the UK.
While the deadlines for the various stages of Making Tax Digital may seem some way off, the changes required to comply with this new tax system are complex and onerous.
Businesses and taxpayers may need to invest in new technology, such as cloud accounting software, and alter their method of recording and reporting accounts and tax information.
This modern, innovative method of accounting brings with it many benefits beyond just compliance with Making Tax Digital, including:
We have already helped a wide range of businesses with the initial stages of Making Tax Digital and can assist you by putting the necessary software, apps and procedures in place.
To arrange an initial Making Tax Digital consultation with our team, please contact us.
“Richard Anthony case study – Terry Lewis – Jaques Samuel Pianos Widely considered to be London’s leading piano retailer, Jaques Samuel Pianos has grown considerably from its humble beginnings in the front room of Mr Samuel’s home in Notting Hill. They are now internationally recognised and have provided pianos for high-profile clients like Queen and […]”
Terry Lewis – Jaques Samuel Pianos
“Richard Anthony: ‘a super-star firm’ MT Finance is a property finance lender, specialising in bridging loans and auction finance. They assist numerous property professionals, business owners, and individuals with their finance requirements and specialise in short-term asset-based lending. Founder and Director, Tomer Aboody, knew that as an asset-based lender, the business would require an expert […]”
Tomer Aboody – MT Finance
“A family fairground success story The Botton family have been running a traditional fairground, arcade and amusement park in the heart of Skegness since taking over the Pleasure Beach in 1965. Jim, the Director of the company, took over from his father and now heads day-to-day activities and administration. He said: “The Pleasure Beach is […]”
Jim Botton – Pleasure Beach (Skegness)