Making Tax Digital - Are you Ready?


Free Press Release DB | Press Release Date : May 15, 2019  Download


If you own a business in the UK, you probably have heard about Making Tax Digital (MTD), below are some of the ways both businesses and accountants need to prepare for MTD for VAT.


If you own a business in the UK, you probably have heard about Making Tax Digital (MTD) for VAT. As the name suggests, it is an initiative by the UK government where HRMC is working to make it easier for businesses to file their returns. As an entrepreneur within the region, it is important to note that the deadline is fast approaching and you need to equip yourself with the necessary knowledge and skills before then. 

Some of the benefits of MTD for businesses is that it will reduce the amount of paperwork, reduce errors, improve efficiency and bring about better opportunities among others. Therefore, companies that record an income above the £85,000 threshold need to fasten up before time catches up with them. Accountants on the other hand also have a part to play to ensure that their clients are well educated about the MTD plan.

Below are some of the ways both businesses and accountants need to prepare for MTD for VAT;

Preparation For The Accountants

1.    Educate Your Clients

Truth be told, people are not always ready to accept change and will often resist and do whatever they can to avoid it. However, when it comes to MTD, there is nothing much they can do apart from complying to the set plans before the deadline 1st April 2019. Therefore, accountants need to inform their clients on precisely what MTD is all about, what they need to do, the software they need to install, and how often they are required to file their returns. 

2.    Offer Them MTD Compatible Softwares

What is MTD compatible software? It is a softwares such as Xero approved by HRMC. HRMC has some approved vendors on their websites to provide the MTD compatible softwares to businesses depending on their business needs. For example, if your clients have chosen the Xero software, you should ensure that you enlighten them more about Xero info on MTD and how they can navigate through it and manage their tax records digitally. 

3.    Create An Agents Service Account

The agent service account is the account that businesses will link to their software to comply with MTD.  Creating this account means that you will be able to sign your clients early enough to avoid the last minute rush. Also, it is essential to let your clients know that the moment they sign up, they will be required to digitalize their records. 

Preparation For Businesses

1.    Know That The Clock Is Ticking

As a business, you need to understand that 1st April is around the corner. If anything you should be in the last stages of ensuring that everything is in check. However, if you are still trying to figure out about MTD, you still have some little time. It is the right time to put your accountant close and ask them to guide you through the process before it becomes too late.

2.    Accept The Change and Stay Updated

MTD is happening! You need not remain in the cocoon of trying to resist the change. Therefore, equip yourself with the necessary information as well as the right compatible software. Also, follow up on the updates that HRMC is regularly sharing about the initiative.




Contact Person & Company

Name

:

David Foster

Company

:

10 Chartered Accountants

Contact Numbers

Telephone No.

:

01604620810

Fax No.

:

Handphone No.

:

Website

Website 1

:

Go To PR Site

Website 2

:

Youtube

:

PR Tags

:

Making Tax Digital, Accountants Northampton, Chartered Accountants, 10 Chartered Accountants,

Address

10 Cheyne Walk

Northampton

Northamptonshire

United Kingdom


Contact The Author



Contact Dexter Stevens







Disclaimer

The author of the press releases are solely responsible for the content of their press releases. Freepressreleasedb.com can't be held liable for the content posted by author. Please check the accuracy of the press release before using the press release. If necessary please contact the author. Thank you.




Report Abuse