Making Tax Digital Compliance Service

Making Tax Digital (MTD) is already well underway. HM Revenue & Customs has made it clear that all tax systems in future will need to be digital and many UK firms have already started to adopt online accounting systems in advance.

HMRC consultations into what the project involves, how it will affect tax payers and when it will be implemented, have left individuals and businesses increasingly and understandably confused.

However, one thing remains very clear: British businesses and individuals alike will need to ensure that they are compliant. We believe they should consider doing so sooner rather than later.

That is why we at CP Waites are committed to ensuring that all our clients become digitally compliant before MTD comes into force.

When will you need to prepare for MTD?

Since HMRC published the outcomes of the first consultations on MTD, further information has now been published. Crucially, this includes the proposed timetable for the introduction of MTD.

  • April 2019 – Businesses with a turnover above the VAT threshold (£85,000) will have to keep digital records for VAT purposes only.
  • 2020 – Businesses with a turnover above the VAT threshold will have to start making quarterly tax updates in addition to VAT returns.
  • 2020 – Businesses and landlords with a turnover below the VAT threshold.
  • 2020 – Incorporated businesses and larger partnerships will have to keep digital records for both VAT and tax purposes.

The above proposed timetable may well be subject to further reforms and we shall keep you informed accordingly.

The easiest way to ensure that you are compliant and avoid any future problems is to take advantage of our online accounting service today.

How can CP Waites help?

At CP Waites, we want to ensure that our clients’ adoption of MTD is as fast, easy and hassle-free as possible, which is why we encourage our clients to take advantage of a cloud accounting software as soon as possible.

By heading over to CLIENT PORTAL you will find in more detail the online services available to you and how they will benefit you.

MTD will involve significant changes for all businesses but especially for businesses which do not currently use any form of software. Our MTD compliance service can help you prepare now.

  • We can advise you on your anticipated MTD start date and quarterly deadlines, as well as the information that you will need to report
  • If you are considering using accounting software for the first time, we can assist you in choosing the most appropriate software for your business as well as assisting with the implementation of the software to ensure that you comply with the MTD reporting requirements
  • We can provide full training to ensure that you are fully comfortable with the software and also utilising it to its maximum capacity
  • If you currently use accounting software we can review it to ensure that it will comply with the new MTD reporting requirements
  • We can advise on how best to transition to quarterly reporting and preparation of your end of year declarations
  • As part of our continued on going MTD support we can review your accounting data on a monthly or quarterly basis and also provide you with management accounts
  • Or if you find that you simply do not have the time or the staff to operate online accounting software we can provide you with a fuller service whereby we can undertake all of the recording and submissions on your behalf