As part of our ongoing webinar series, this webcast is designed to demystify Making Tax Digital, by providing practical guidelines to help you prepare your business for when the new rules come into effect in April 2019.
Sunil Parmar, VAT Director and Tom Edwards, Associate Director of Business Outsourced Services will take you through what the new rules on Making Tax Digital (“MTD”) are, whether you are impacted, are your current systems compatible, the pilot and how we can help.
MTD is the first step in the digital revolution of the UK’s tax system. The changes have been introduced in order to provide businesses with a more modern, streamlined system to keep their tax records and submit information to HMRC. MTD is to be introduced with effect from April 2019, and all businesses that are required to be VAT registered (i.e. have a taxable turnover of over £85k) will be required to keep their VAT accounting records in a digital format and must submit their VAT returns digitally using an Application Program Interface (API). c.90% of VAT registered businesses will need to make changes prior to April 2019.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.