HMRC's Making Tax Digital (MTD) Initiative
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 are not permissable as digital record keeping became mandatory under MTD.
1 April 2022 - MTD has been extended to cover all VAT registered businesses.
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
We were 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.
DIGITAL ACCOUNTING WORKSHOP
City Business Library
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.
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.
All businesses with turnover above the VAT registration threshold are 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 was used by 89% of businesses to file their VAT Return is no longer available to businesses affected by MTD.
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.