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17/08/2019

August Tax Tips & News


IMPORTANT NEWS ABOUT MAKING TAX DIGITAL

Making Tax Digital takes effect from 1 April 2019. Most of you are currently working with us to ensure your accounting package is compliant. However, having the correct accounting package is the first step but there are further actions you must take to be ready to make VAT submissions in the ‘new way’:

You need to ‘sign-up’ to MTD with HMRC. This can be done via the following link: https://www.gov.uk/guidance/making-tax-digital-for-vat. Timing is crucial as you need to ensure you file your last VAT Return the ‘old way’ and ensure the VAT payment has cleared the bank before you ‘sign-up’ to MTD and ‘switch on’ MTD within your accounting software.

You need to authorise, or ‘switch on’, your accounting software to enable a digital link to be established with HMRC. The way this is done is unique to the accounting software you are using.

If you are unsure about how to approach this, or would like our assistance in guiding you through this process, then please get in touch with your usual point of contact within GCSD.


Welcome to the GCSD Accountants Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman. If you need further assistance just let us know or send us a question for our Question and Answer Section. We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice on your own specific circumstances. We’re here to help! Free Tax & Financial Strategies Guide 2019-20 This guide is designed to help you to make the most of your business and your personal finances, by highlighting the main tax allowances & incentives and suggesting strategies that you might wish to incorporate into your own financial planning.

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GCSD Accountants are based in Gloucestershire, offering local business owners and individuals a wide range of services. Visit our website gcsd.co.uk for more information.

 
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