By Jane Briggs (formerly O’Leary) from Oakwood Business Consultants
Making Tax Digital signals the end of paper accounting for millions of businesses and self-employed professionals but what does it mean and are you prepared?
About Making Tax Digital
The government wants to be one of the most digitally advanced tax administrations in the world. To achieve this, the tax system is being transformed to make it more efficient and easier for taxpayers to get their tax right.
I’m a business owner, what do I need to do?
If you are registered for VAT and your taxable turnover is above £85,000, from the start of your first VAT period beginning on or after 1 April 2019, you will be required to keep your VAT records digitally and to submit your VAT returns using ‘Making Tax Digital’ software.
Why you should act now
Changing to digital is an opportunity to streamline your accounting and to improve decision-making by having up to date management information. Being digitally aware will give you the advantage over businesses that leave Making Tax Digital to the last minute.
How Oakwood can help
We are working with clients to explore the best way forward. This includes identifying digital software bookkeeping and accounting packages that suit their needs.
Claire (left in photo above) has recently joined our team and together we are ready to help you make a smooth transition to digital.
For a discussion about how we can make Making Tax Digital work for you, please call us on 01483 276100 or visit www.oaktax.com.