Making Tax Digital - Does Your Cloud Have a Silver Lining?

From April 2018 HM Revenue and Customs are intending to make tax digital for the self- employed and landlords where businesses in both of these groups have turnovers over the VAT threshold of £85,000. 

Here at Scrutton Bland our clients are already seeing the benefits of online payroll and VAT submissions, and we have cloud accounting software up and running to make the transition a slick process. 

One of the benefits of making tax digital is that your data is processed on a quarterly basis, which means that any errors can be corrected faster than through the previous annual tax return procedure.  The accounts information is then populated into an acceptable format for HM Revenue and Customs.  As we hold your business's tax and accounting information in a single place in a secure ‘virtual cabinet’, Scrutton Bland is then able to advise well in advance on individual tax planning opportunities as the figures will be readily at hand as opposed to playing "catch up" after the event. 

Turnover above the VAT threshold will need to start being reported under the new regime for the first accounting period after 5 April 2018. 

If you would like Scrutton Bland's virtual cabinet to take the strain please contact Christine Wilson at Scrutton Bland’s tax department, telephone 01206 838400.