Back
24.
October
2018.
Hundreds of local businesses at risk of penalties & charges as legislation looms
ROMSEY, UK | OCTOBER 2018
Hundreds of local businesses at risk of penalties & charges as new legislation looms
Hundreds of Hampshire businesses could be at risk of various penalties if they don’t comply with new regulations as Making Tax Digital (MTD) comes into effect from April 2019. Romsey based accountant, Clear Vision, highlights the key changes that MTD will bring and what to do next to make sure you’re ready and don’t face any unnecessary expenses.
Making Tax Digital: What’s changing?
Making Tax Digital (MTD) is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
MTD begins on 1 April 2019 with MTD for VAT. From that date, VAT-registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software.
Other components of MTD, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest.
What will HMRC need when MTD is in effect?
HMRC has announced the records that they require within the MTD quarterly submissions:
• Business name
• Address of principal place of business
• VAT registration number
• VAT accounting schemes (if applicable)
• Tax point of sales/purchases
• Net value of sales/purchases
• Rate of VAT charged on sales/purchases
How to make your tax return digital
Clear Vision, a financial management company in Romsey, can help by using MTD compatible software to file all your accounts. It is fast and easy to do, and we can take care of everything. We can ensure MTD is a smooth transition for you, without being a burden.
Contact
Clear Vision with any questions or to see how we can help. Call 01794 330025,
email info@cv-fm.com or visit www.cv-fm.com.
ENDS – 278 WORDS
NOTES TO EDITORS
Clear Vision is a friendly and forward thinking accountancy established in 2011 by founding director and chartered accountant Sean Daniel.
Located in Romsey, the team at Clear Vision are well-known for their ethos, prioritising a customer focus, honesty, clear communication and personal service. Friendly, open and communicative, Clear Vision provides a personal and transparent service to all of our clients. We understand the unique financial needs of each individual and offer tailored solutions that tackle their concerns and enable them to plan for the future.
With a broad portfolio of business and individual clients spread across a range of sectors and industries, Clear Vision has the in-house expertise to address all aspects of a client’s financial affairs.
Visit www.cv-fm.com for further information.