Making Tax Digital (MTD)
The Government has responded to concerns raised across the world of small businesses and pushed back the introduction of Making Tax Digital (MTD). We are promised a smoother transition into the digital tax world which is now to start from April 2019 for businesses with a turnover above the current VAT threshold of £85,000. These businesses will be asked to submit their digital records quarterly to the HMRC - which should not be a hardship when you consider these businesses are already submitting VAT returns quarterly...
2020 is when HMRC expects other businesses to "go digital" and tax to become real-time. Business owners will have their own unique digital tax account which will act as an overview of all their tax liabilities.
What does it mean for you?
It means better reporting and better communication with your Accountants. If you are someone that leaves things to the last minute, you won’t be able to do that for much longer.
For our clients, we are already busy preparing you for these changes. We have embraced cloud accounting and moved our own books, as well as a number of clients on to Xero, which is our preferred cloud accounting software. We are also working on similar products such as Quickbooks, Kashflow and Sage One according to our client's preferences. We are strategically planning the move of other client accounts and can advise on apps that could potentially save our clients both time and money.
We understand that there are many challenges associated with accountancy in a changing world and we are here to advise our clients every step of the way.
Please contact us today to find out more or attend one of our future MTD seminars.
Ellenor Accumulator Challenge Winners
Download our FREE A4G Amherst Tax App and not only stay up to date with financial news but use the many features to help you run your business more efficiently
The A4G Amherst team took part in the 2017 Ellenor Accumulator Challenge, where 41 businesses around Kent were presented with a £50 note and asked to raise as much money and awareness for the charity as possible over 3 months. The team did a number of challenges including a charity networking event, a 150 mile cycle ride, a Tiny Town kids party and dress down Fridays. There were regular posts on social media and with a lot of effort from the staff and mountains of support from our clients, we were crowned the Accumulator Challenge winners for raising the most money for 2017!
Below are some of the team presenting Katie Gardner of Ellenor with our fundraising cheque, the grand total raised by all businesses taking part was £16,504. This is a fantastic amount for an amazing, local charity and we couldn't be prouder to have been a part of this great result. We encourage other companies to take part next year, as we have thoroughly enjoyed the team building as part of this challenge!
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