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Making Tax Digital - update from CKLG Accountants

22.06.2021

Business

In 2015, George Osborne announced changes to simplify to our tax system – the demise of the annual tax return for everyone and to simplify how tax is collected. So, where are we now and what can we still expect?

 

Digital tax reporting will create an additional burden for non-VAT registered businesses and individuals. 

 

Whilst professional bodies are asking HMRC to reconsider their requirement for the submission of quarterly returns, the government seem determined to modernise our tax system and ensure that we all pay our taxes sooner that we would otherwise.

 

The majority of our compulsory VAT registered clients were already using some form of accounting software prior to the changes that came in in April 2019. So just an initial time investment was required to register and link up systems in order to ensure they remained compliant with the new MTD rules.

 

Any companies and individuals that required digital tax reporting compliant software were transitioned over to Xero and many of our clients have found that online accounting has given additional benefits in other areas of their business and allows day to day record keeping to be completed much more efficiently.

 

CONTACT US

 

Speak to Chloe Saberton on 01223 810100

 

If you operate a VAT registered business - you are registered for Making Tax Digital but you are concerned about the compatibility of your accounting software; or you have not yet registered for Digital VAT reporting and would like to be prepared ready for next April.

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