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Christmas westender magazine for glasgow's west end
Christmas westender magazine for glasgow's west end
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Accountancy<br />
Matters<br />
by Bruce Wilson & Simon Murrison<br />
Westender www.westendermagazine.com Magazine Promotion | 55<br />
It’s full steam ahead for HMRC’s<br />
Making Tax Digital<br />
Are you ready? From April 2019<br />
VAT registered businesses above the<br />
VAT threshold (over £85k) will be<br />
expected to comply with Making Tax Digital<br />
(MTD). In other words it’ll be compulsory<br />
to use HMRC approved record keeping<br />
software that talks digitally with HMRC.<br />
What is MTD for VAT? If you are VAT<br />
registered you will be obliged to keep all VAT<br />
records digitally. You are also required to<br />
submit VAT return information electronically<br />
using approved software instead of HMRC’s<br />
VAT portal.<br />
In 2020 every VAT registered business<br />
(including voluntarily registered) will become<br />
part of the scheme. Finally, every accountant,<br />
book-keeper and registered tax payer will<br />
have to exchange financial records with<br />
HMRC digitally.<br />
1/4 of VAT registered businesses are still<br />
relying on paper and excel spreadsheets.<br />
If you run a paper based business we urge<br />
you to switch to digital now. It’s a strategic<br />
investment that will save time and money in<br />
the long run.<br />
Replacing spreadsheets with accounting<br />
software removes the headache of dealing<br />
with the taxman. Plus the day to day running<br />
of your business becomes simpler and more<br />
manageable:<br />
• Predict VAT bills<br />
• Assist in investment<br />
• Assist in cash flow planning<br />
• Real data for strategic forecasting<br />
• Avoid financial penalties<br />
• Less paperwork<br />
How can my business go digital?<br />
• Speak to a tax expert<br />
• Use approved bookkeeping software<br />
• Change business processes for collecting,<br />
storing and exchanging data.<br />
Get in touch for a free consultation,<br />
fixed and competitive fees on<br />
0141 290 0262 or email<br />
info@muwca.co.uk or visit<br />
www.muwca.co.uk for free tax<br />
guides.<br />
Murrison & Wilson, CA is a full service<br />
accountancy firm specialising in<br />
business and tax planning for private<br />
individuals, self-employed and small<br />
to medium sized businesses.<br />
Murrison & Wilson Chartered Accountants<br />
10 Newton Terrace G3 7PJ<br />
0141 290 0262<br />
info@muwca.co.uk<br />
muwca.co.uk
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