HMRC's Making Tax Digital (MTD) Initiative
SPECIAL OFFER: 50% DISCOUNT on any of our trainer-led Live Online courses.
FREE Digital Accounting and Making Tax Digital Workshops
Research by the ICAEW (Institute of Chartered Accountants in England & Wales) has revelaed that over 40% of businesses that are going to be affected by MTD are not yet aware of it. Additionally, a quarter of all businesses are still using a paper based accounting system; paper based records will not be permissable for MTD as digital record keeping became mandatory with effect from 1 April 2019.
We have therefore organised a series of FREE workshops; please contact us on 020 8567 7733 for additional information.
DEMYSTIFYING TAX FOR YOUR BUSINESS
Microsoft Oxford Circus Flagship Store - February 2020
We have been invited by Microsoft to collaborate with them in presenting financial workshops to SMEs. The first of these workshops on VAT was presented by our Xero "Maha Guru" Raj Grover at the Microsoft flagship store in central London on Wednesday 12 February 2020.
DIGITAL ACCOUNTING WORKSHOP
City Business Library - Tuesday 11 February 2020
We are presenting a workshop on Digital Accounting at the City Business Library.
Get up to speed with HMRC's new digital record keeping and VAT filing requirements with Raj Grover, Xero Accredited Advisor and senior lecturer at London School of Accountancy.
This practical workshop will demonstrate how digital accounting software such as Xero can be used by owner-managed businesses, accountants and bookkeepers in order to comply with HMRC's MTD requirements.
FREE Business Roadshow
City Hall - Monday 7 October 2019
We are exhibiting at the FREE Business Roadshow at the iconic City Hall building which is is next to the Tower Bridge in London.
Monday 7 October 2019 (9.00 am to 4.00 pm).
The event is being organised by Enterprise Nation, a membership body providing expert advice and support to thousands of UK small businesses.
Please do pay us a visit to discuss any issues that you may have on Making Tax Digital (MTD), VAT, Xero Accounts or Xero Payroll implementation. We will also be providing a FREE demonstrartion of Xero software and offering 75% XERO subscription discounts on the day.
We also have some Xero goodies to give away; see you there on Monday 7 October.
Making Tax Digital (MTD)
Making Tax Digital (MTD) came into effect on 1 April 2019.
Raj Grover, Xero Certified Trainer and Senior Lecturer at London School of Accountancy has been busy providing an insight into MTD and Xero MTD Ready digital accounting software at various events including Metro Bank Ealing Broadway and Hounslow Chamber of Commerce. He is soon to deliver some training on behalf of Enterprise Nation, a membership body providing expert advice and support to thousands of UK small businesses.
Making Tax Digital (MTD) is a fundamental change to the UK tax system; it will affect how UK businesses maintain their accounting records.
From 1 April 2019 all businesses with turnover above the VAT registration threshold will be required to:
1. Maintain their accounting records DIGITALLY in an accounting software.
2. Submit their VAT Returns to HMRC online using compatible software - HMRC's portal which is currently used by 89% of businesses to file their VAT Return will no longer be available from 1 April 2019.
Businesses which do not maintain digital accounting records or submit their VAT Return to HMRC digitally will face financial penalties.
Software such as Xero, Quickbooks and Sage Business Cloud Accounts are MTD ready and use of these software will ensure that a business is MTD compliant.