With less than a year to go until HM Revenue and Customs’ flagship ‘Making Tax Digital’ project becomes mandatory for businesses, new research from the British Chambers of Commerce has highlighted that almost a quarter of UK businesses have never heard of it. Worryingly, two thirds of the respondents claim that although they know Making Tax Digital by name, they are only aware of some details.
To help address this concerning lack of knowledge, local Chartered Accountancy firm Simpkins Edwards is staging a series of free seminars to help get businesses up to speed. Events will take place in Bovey Tracey (Bovey Tracey Golf Course, 19 September, 11am-1pm), Okehampton (The Ockment Community Centre, 21 September, 12 – 2pm) and Exeter (Michael House, Castle Street, 19 October, 11am – 1pm) to explain the requirements and the timescales involved. Demonstrations of cloud accounting software will be available including Quickbooks, Xero and Sage.
Making Tax Digital comes into effect from 1st April 2019 – just days after the UK leaves the EU. From this date, 2.6 million businesses that sit above the VAT threshold of £85,000 will be required to keep and maintain digital records, ideally through cloud accounting software. However, it is currently estimated that 25% of businesses are still using manual or spreadsheet record keeping, which falls foul of HRMC’s new requirements. Businesses will be required to submit VAT returns electronically to HMRC, rather than using the HMRC VAT portal.
Commenting on the events, Mark Simic, Partner at Simpkins Edwards’ Exeter office, said: “The seminars have been created to help businesses prepare for the fast-approaching April 2019 deadline. They will outline practical steps that businesses need to implement, as well as the distinct benefits of moving to digital record keeping via cloud-based accounting software. Moving to digital accounting, for example, will provide a clear view of the up to date financial health of a business and its future cashflow; a significant advantage for businesses looking to invest in new equipment.”
Mark added: “We hope to show that by taking action now and adopting cloud-based software, businesses can put themselves in an informed position that will enable them to address any teething problems linked to Making Tax Digital before the legislation comes into effect.”
To book your place email SRoberts@simpkinsedwards.co.uk, call 01392 211233
or book online at https://www.simpkinsedwards.co.uk/category/events/
Simpkins Edwards offers a personal and tailored approach from offices in Exeter, Okehampton, Holsworthy, Bovey Tracey, Barnstaple and Honiton. Market offices are available at The Exeter Livestock Centre, Holsworthy Market and The Amory Centre, South Molton on market days.
