In out, in out, shake it all about

Making Tax Digital (MTD) plans have turned into something of a hokey cokey this Summer, first it was in, then with the General Election it was out (or at least on hold) then it was supposedly back in again but it has now been announced it is definitely out again… for now!

The delay is great news for businesses as it gives everyone that bit of extra time needed to get their processes in place.

We do know, however, that the Government has only delayed the plans and tax digitalisation is still coming…..under the new timetable:

  • businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records only for VAT purposes initially from 2019
  • businesses will not be asked to keep digital records, or to update HMRC quarterly, for tax purposes until at least 2020

So our advice would be not to let the momentum drop and to continue looking into your options early so that by the time the Government implements MTD you are up and running and know exactly how it works and what you need to do.

Give yourself a head start on MTD and consider a move to cloud accounting. There are loads of packages to choose from and we can arrange a free consultation to look at your options and see which package would best suit your business, there is no “one size fits all”, all businesses are different and as independent cloud advisers we’ll make sure you’re set up and ready to go on the package that’s right for you.  There are loads of benefits to moving onto cloud accounting such as automatic bank feeds, real time information, reporting functions, payroll processing and, on top of all that, it’s really easy to use. If you can shop online you can use cloud accounting.

If you’ve thought about cloud accounting but not sure if it’s right for you and your business then you should come along to one of our free cloud accounting sessions in October. Visit www.doddaccountants.co.uk/freeseminars or telephone me on 01228 530913. The sessions are open to all, you don’t have to be a Dodd & Co client to attend, and we promise there is no hard sell. Just straight forward talking and honest advice.

Contact Kristina on 01228 530913

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Oct 17

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