All you need to know and no jargon
Making Tax Digital is a HMRC initiative designed to make the tax system effective, efficient and easier for taxpayers.
MTD for business begins on the 1st April 2019. From this date, VAT registered businesses above the £85k threshold will have to keep digital records and submit VAT returns using compatible software.
Other components of Making Tax Digital, such as income tax and corporation tax have been placed on hold until April 2020 at the earliest.
With recent changes in legislation around GPDR, we think Making Tax Digital will generate unnecessary hype, myths and scaremongering.
You will be hearing lots about MTD. Don’t panic, Pentlands are here to help and we will be running webinars leading up to the deadline.
As a new Pentlands client we will take the time to understand your accounting needs and recommend the right services for you. We will explain how MTD relates specifically to your business.
We will carry out a Making Tax Digital Compliance Check of your accounting processes.
We will confirm your Making Tax Digital Compliance Status, your next steps and any associated costs to get you compliant. For clients using Xero, we anticipate that little or no further action will be required.
Moving to Pentlands was the best decision we could have made. They just get it and understand our needs.
Our accounts are now on Xero and we have real time access to critical information we require to make strategic decisions for the growth of the business.
David Hooper, Director of Independent Freight.
We have the expertise and experience to help you keep on top of your responsibilities, from statutory deadlines to all the necessary paperwork. With our in-depth knowledge and awareness of the latest requirements, we ensure that none of your tax bills are more than they need to be.
By working closely with you to manage your accounts and make effective decisions, we get to know you and your business. We can help you grow organically or through acquisition, with the right advice for each scenario.
We can provide strategic advice for the more difficult decisions, such as planning your exit strategy, selling your business, pensions provisions and investments. When the time is right, we’ll help you realise the value you have worked so hard to create.
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