ITSA. Making Tax Digital For VAT.

The Ins And Outs Of Making Tax Digital

The UK government is undertaking a huge initiative to digitise the tax system. It aims to bring changes to record-keeping and reporting requirements when dealing with VAT submissions and deadlines. Making Tax Digital is supposed to be an easier way to manage and do taxes and also enables businesses to manage their taxes better, in a more efficient way. The changes need to be implemented if you are registered for Income Tax Self Assessment and have a gross taxable income above a certain amount. There are a few cases where you can be exempted from Making Tax Digital, your accountants should be able to enquire to see if you are eligible for an exemption. All these changes and requirements can be tough to keep up with. When navigating unfamiliar territory like this it is best to seek professional services from registered tax accountants. My Personal Accountant has experienced tax accountants that are qualified to deal with your business accounts. As expert tax accountants, the team at My Personal Accountant is knowledgeable about British Legislation regarding your business accounting needs. My Personal Accountant can help you adhere to the laws and keep you updated with their changes, like the Making Tax Digital initiative.

The Benefits Of MTD For Bookkeeping

Making Tax Digital can be advantageous for your business as it will allow you to have a keener insight into the amount due for tax purposes. Since you will be aware of a more accurate amount to be expected from you and also how much you could possibly receive in the form of a tax return your bookkeeping team will be able to work with a more accurate budget. There are many legal requirements when it comes to bookkeeping for your business that regulates the type of documents you need to keep and for how long they need to be kept. Making Tax Digital will allow your financial documents to be stored and organised better. Making Tax Digital not only saves you time when dealing with VAT and other accounting services but by choosing to outsource your bookkeeping function you will be able to capitalise on the time saved even further. The financial well-being of your business often depends on good bookkeeping services. My Personal Account offers expert bookkeeping services for your business. With years of experience, we can help you save time and help you focus on more pressing matters. 

Important Notes To Remember When Dealing With MTD

As a business, you are surely aware of all the do’s and don’ts when it comes to dealing with tax submissions. However, the new MTD initiative can have you second-guessing your current information. It’s important to confirm and double-check your information. The UK government has set out some basic guidelines and important dates to remember for your tax accountants. 

If your accountants are making use of the standard quarterly periods, the deadlines in each tax year are:

Sourced from: Using Making Tax Digital for Income Tax – GOV.UK (www.gov.uk) 
The process of submitting tax reports and returns can be very stressful. This is why we suggest you employ the services of registered tax advisors like My Personal Accountant. Our expert tax accountants will ensure you experience a stress-free tax season. Our seasoned team of professionals will be able to help your business avoid incurring any penalties because of late submissions or incorrect submissions. My Personal Accountant will be able to keep your business in line with all changes and additions to the UK accounting legislation. My Personal Account is fully prepared to handle the Making Tax Digital initiative and will be able to assist your business with any tax accounting needs! Contact us today.