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01626 610071 email@example.com
New rules from 1 April 2019.
HMRC is phasing in its Making Tax Digital regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.
The new rules take effect from 1 April 2019 where a taxpayer has a 'prescribed accounting period' which begins on that date, or otherwise from the first day of a taxpayer's first prescribed accounting period beginning after 1 April 2019. For some VAT-registered businesses with more complex requirements, the rules will not take effect until 1 October 2019. Included in the deferred start date category are VAT divisions, VAT groups and businesses using the annual accounting scheme.
In the Spring Statement the Chancellor confirmed that the focus will be on supporting businesses to transition and the government will therefore not be mandating MTD for any new taxes or businesses in 2020.
We understand that these are concerning times for all our customers, both on a personal and a professional level. We hope that it is of some reassurance that we do not foresee any significant risk to our ability to continue to support our customers and meet our obligations.
We have taken the precaution of suggesting all our employees work from home in order to avoid any unnecessary travel and contact with others and are now taking this further by closing the office; we do have well established home working environments to ensure we remain fully responsive by email, but there may some delay with answering the telephone.
Please check the ‘News’ section on our website https://www.thandco.uk/news/hot-topics for the latest updates on government plans to support businesses in these tricky times, or of course you can always phone us on 01626 610071 or email firstname.lastname@example.org
With prior arrangement we can arrange video calls if required too.