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Making Tax Digital

Overview

The move towards a digital tax system was first announced in the 2015 Budget, with a timeline said to be implemented from April 2018. Following calls that this timetable was too rushed, Making Tax Digital was taken out of the initial 2017 Finance Bill, before being reintroduced with initial changes in a second Finance Bill. The changes introduced were as follows:

  • Businesses over the VAT turnover threshold of £85,000 will have to report quarterly for VAT purposes from April 2019.
  • Businesses will not be required to record or report income tax, NICs or corporation tax until at least 2020.
  • Businesses will be able to move to the digital system but on a voluntary basis.

The thought process behind the altered timetable is that businesses and landlords will be given a longer period of time to adapt to the changes. Companies above the VAT threshold will already be filing their VAT returns quarterly and more than likely electronically, meaning these initial changes will be small but still a step in the digital direction.

How Shaw Gibbs can support you through the digital transition.

At Shaw Gibbs, we always look to stay ahead of the curve when it comes to digital. This combined with our wealth of tax experience, puts us in the perfect position to help our clients deal with this transition.

In order to meet VAT reporting requirements by the deadline, it is important to make sure you have the correct accounting software tailored to your needs and goals. Here at Shaw Gibbs, we have supported our clients to use a number of systems, including Xero, Sage and Quickbooks. For more information on the reporting, training and recommendations that we can give to guarantee you have the right system for your business, visit our Accounts Software page.

As well as having the correct accounting software in place, the need for a trusted tax advisor is as important as ever. Shaw Gibbs have three specialist tax departments who can offer continued support on Personal Tax, Coporate Tax and VAT.

If you have any questions on Making Tax Digital, quarterly returns or the future of the tax return then do get in touch via email or call 01865 292 200.

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