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ASM Chartered Accountants – Making Tax Digital

‘Making Tax Digital’ is the new HMRC initiative which will require businesses to report to HMRC five times a year instead of annually on a Self-Assessment Tax Return.

‘Making Tax Digital’ is set to commence in April 2018 and will affect businesses on the following dates:

  • April 2018 – Sole traders and property landlords with taxable income more than the vat threshold of £85,000.
  • April 2019 – Sole traders and property landlords with taxable income more than £10,000.
  • April 2020 – Corporate and large partnerships with a turnover of less than £10m.

How will it work?

Quarterly Returns will be made and the first reporting date will be on 5th July 2018 with a deadline of 5th August 2018. A final year end report must be sent to HMRC by ten months after your year end or 31st January, whichever is sooner.

Businesses should now look at how they are to comply with MTD. Using Cloud Technology, you can have up to date financial information at your fingertips and reports can easily be tailored to meet MTD requirements.

Legislation to implement ‘Making Tax Digital’ has been removed from the 2017 Finance Bill and will be reviewed after the general election on 8th June 2017, so the full detail is still not known. However it is clear that a change is coming, so businesses need to start planning now.

You didn’t go into business to do books but we did!

We are already successfully operating Cloud Accounting Software for a wide variety of clients allowing them to concentrate on growing their business. If you want to take your bookkeeping to next level please contact our Cloud Accounting Team.

For more information on Cloud Accounting please contact:
Majella Hughes
Email: majella.hughes@asmnewry.com

For more information on ‘Making Tax Digital’ please contact:
Ronan McGuirk
Email: ronan.mcguirk@asmnewry.com

Tel: 028 302 69933