1 / 5

Making Tax Digital Checklist: Make Sure Your Business is Ready

Making Tax Digital Checklist: Make Sure Your Business is Ready.

harrisp
Télécharger la présentation

Making Tax Digital Checklist: Make Sure Your Business is Ready

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Making Tax Digital Checklist: Make Sure Your Business is Ready Making Tax Digital (MTD) is one of the biggest shakeups even seen in the UK. HMRC is mandatory for all small to large size businesses to file VAT returns online. With HMRC it makes it easier for businesses to get a clear and accurate audit trail. If you have implemented Making Tax Digital Software for your business, then it’s important to understand how one can affect you when you need to prepare for it.

  2. What do you need to get the business ready? If you’re already using accounting software, then you need to check that your software provider will require upgrading with making Tax Digital Software compatible. HMRC will only accept VAT returns provided by the software to support Making Tax Digital for Business. As per research, there are around 150 service providers such as SAP, Microsoft and more, who work very closely with HMRC to have MTD functionalities ready for April 2019. There are lots of companies who fall somewhere between two extremes will still keep all the records on paper by using MTD fully embraced accounting software that is used already. If we check current scenarios, then 99% of VAT returns will file online on HMRC. Moreover, there are 15% of those who file directly through accounting tool where you don’t have to enter the VAT figures into the existing HMRC portal manually. We have advice for all VAT registered businesses is that one needs to start preparing now and move it to the digital cloud-based platform. Use any software conversions and internal training to undertake the before the deadline.

  3. Benefits of Making Tax Digital for Business For many of them Making Tax, Digital software looks like difficult process from which you need to understand and look into quickly realise to see the tax balance before year-end to help you to prevent errors and stop tax repayment at a larger stage. Use the key personnel to act upon any potential problems immediately. If we look at the central system that provides transparency of data will include all liabilities and entitlements. If your information is stored in the cloud, then you needn’t have to worry about the damage and loss. Get the vast business benefit to having a better grip on your finance.

  4. Interesting, right? This is just a sneak preview of the full presentation. We hope you like it! To see the rest of it, just click here to view it in full on PowerShow.com. Then, if you’d like, you can also log in to PowerShow.com to download the entire presentation for free.

More Related