By now you will have heard about the Government’s ‘Making Tax Digital’ scheme, our last blog post went into a lot of detail about when this is coming in, how it will affect you and how Rutter & Allhusen can help you prepare your business for this digital step forward.
Many professional bodies have expressed concerns over the relatively short time scale set aside for what is quite a momentous task and this week the Government have announced that they are pushing back the date for ‘Making Tax Digital’ to at least 2019.
So what does this mean?
Our previous blog post is still relevant in how this will affect your business and how Rutter & Allhusen can help you. However, there are a few changes due to the change in timescale:
The Government still want to ensure that all businesses with a turnover above the VAT threshold (currently £85,000) are keeping digital records from 2019, this only applies for VAT taxation. This means that smaller business under the VAT threshold will be able to choose when they move to the new digital system.
Businesses will not be asked to keep digital records or update HMRC quarterly for other taxes until 2020 as opposed to 2018.
What can Rutter & Allhusen do to help you prepare?
As mentioned in our last blog post we are still offering Xero training to all of our clients from our Dorset based office in Shaftesbury and both Jana and Amy are able to talk you through what Xero can do for you and how it would work going forward.
We are keen to keep up the momentum we have already built with getting our clients prepared to go ‘digital’ and would encourage all of our clients to start exploring their digital options even now, as getting a head start will help smooth out any teething issues that may occur during this process.
There also many advantages of having your business financial data available in real time and automating the process where possible to give you more time to work on your business.