Making Tax Digital Accounting
As of 1st April 2019, VAT-registered businesses with a taxable turnover above the VAT threshold are required to submit their VAT returns, and keep their records, digitally, using the government’s Making Tax Digital (MTD) scheme. The scheme has been rolled out with the aim of making tax easier and more efficient to record and report for businesses of all sizes.
At Keith Willis Associates, we always aim to help our clients handle any and all tax-related matters, and that includes helping VAT-registered businesses become Making Tax Digital ready.
Call our team on 0115 947 6677 to arrange a meeting to discuss how we can help your business digital ready. We cover businesses of all sizes, throughout Nottingham, the East Midlands and across London.
MTD - Making Tax Digital
Currently, Making Tax Digital is exclusive to VAT, with other forms of tax planning to be implemented into the scheme by 2026.
While this scheme has been mandated for VAT-registered businesses, the HMRC has allowed a 6-month deferral for certain businesses that have more complex requirements. The deferral will apply to customers who fall under the following categories:
Trusts
Not-for-profit organisations that are not set up as a company
VAT divisions
VAT groups
Public sector entities required to provide additional information on their VAT return ( Government departments, NHS trusts)
Local authorities
Public corporations
Traders based overseas
Those required to make payments on account and annual accounting scheme users.
By using an all-online system, errors will be minimised, accuracy improved and businesses will be able to record and submit VAT forms with greater simplicity.
If you need help with your online accounting, or want to set up your accounting online, give the team a call on 0115 947 6677.
Online Accounting
As online accounting experts, we can work closely with businesses of all sizes to help them accurately record and report through the digital system.
For VAT-registered businesses who qualify for the Making Tax Digital mandate, we are here to answer any questions and handle your online tax requirements without any stress.
Cloud Accounting
As part of the MTD scheme, businesses must now use compatible software in order to submit VAT returns and record income/outgoings. As chartered accountants with a wealth of experience in cloud accounting, Keith Willis Associates utilise MTD compatible software to ensure a smooth and simple transition to online VAT accounting.
With Sage accounting and Xero accounting software both being updated to be compatible with the MTD system, our clients can benefit from our specialist software knowledge to make the entire process as straightforward as possible.
To discuss the Making Tax Digital scheme or to discuss your business’ VAT requirements with us, contact our team today.
Prices start from:
MTD Service - Quotation given following consultation
All prices are subject to VAT at 20%.
